Create and Process Return Premium Invoice Due to Cancellation or Endorsement

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Agency Bill Processing

Create the Cancellation or Endorsement Transaction

Prior to creating the invoice, the cancellation or endorsement policy transaction must exist.

  1. Load the client on one of the four client tabs.
  2. Select the Policy Number from the Active Policies band.
  3. Select Automated Procedures.
  4. Select Cancel Policy or Endorse Policy.
  5. Enter the Transaction Code.
  6. Enter the Transaction Date.
  7. Enter a Policy Tag/Description if desired.
  8. Deselect Create Diary if a follow up Diary is not necessary. Otherwise, enter the Diary Description and Policy Log.
  9. Select Ok.

Create the Agency Bill Return Premium Invoice

  1. Load the client on one of the four client tabs.
  2. Select the Policy Number from the Active Policies band.
  3. Select Create Item -> Invoice.
  4. Choose the correct Invoice Date.
  5. Select Next.
  6. Enter the return premium amount as a negative. (-500.00)
  7. Enter the agency commission as a positive percentage, or a negative amount. (10% or -50.00)
  8. Repeat the previous step for Producer and Sub Producer if needed.
  9. Select Next to enter any additional line items such as taxes and fees.
  10. Select Finish.
  11. Select Save.
  12. Select Exit.

Process the Company and Client Payments

Receive Company Return Premium

Some companies may choose to send a single statement or refund check for the transaction. The return premium invoice will create a credit company payable to 2110.

  1. Select AP -> Reconcile Payables.
  2. Enter the Company Code on the invoice line.
  3. Verify the date range includes the agency bill return premium invoice.
  4. Select Ok.
  5. Right-Click on the invoice, and select Pay This Invoice In Full.
  6. Select Payment Details at the bottom of the reconcile window.
  7. Change the action to Create A New Cash Transaction To Pay.
  8. Enter the details for the cash receipt, and select Ok.
  9. When finished select Perform Reconciliation to create the cash and pay the company balance.

Create Client Refund Return Premium Check

Unless the credit will be applied to another existing or future invoice, a client refund check to GL-1120 is required for agency bill transactions.

  1. Load the client on one of the four client tabs.
  2. Select the Account tab at the bottom of the basic tab. The return premium invoice will be listed with a credit balance.
  3. Select Reconcile on the top toolbar.
  4. Verify the date range includes the agency bill return premium invoice.
  5. Deselect Create or use existing cash transaction since we will be created a check transaction.
  6. Select Ok.
  7. Right-Click on the invoice, and select Pay This Invoice In Full.
  8. Select Payment Details at the bottom of the reconcile window.
  9. Change the action to Create A New Check Transaction To Pay.
  10. Enter the details for the check transaction, and select Ok.
  11. When finished select Perform Reconciliation to create the check and pay the client balance.