Create and Process Return Premium Invoice Due to Cancellation or Endorsement

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Agency Bill - Cancel a Policy and Payment Processing

Contents

Create the Cancellation or Endorsement Transaction

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

  1. Load a client on one of the client tabs.
  2. Select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open Policy Express.
  4. Select Policy Tasks -> Cancel Policy or Policy Tasks -> Endorse Policy.
  5. Enter the Transaction Code.
  6. Enter the Transaction Date.
  7. Enter a short description in the Transaction Details field.
  8. Select Create Diary if a follow up Diary is necessary. If selected, enter the Diary Description and Policy Log.
  9. Select Ok.

Create the Agency Bill Return Premium Invoice

  1. Load a client on one of the client tabs.
  2. Select the (+) next to Policies. (To expand the band by default, see: Preferences)
  3. Left-Click the desired policy number to open Policy Express.
  4. Select Express Billing within the top toolbar.
  5. Choose the correct Invoice Date.
  6. Select Next.
  7. Enter the return premium amount as a negative. (-500.00)
  8. Enter the agency commission as a positive percentage, or a negative amount. (10% or -50.00)
  9. Repeat the previous step for Producer and Sub Producer if needed.
  10. Select Next to enter any additional line items such as taxes and fees.
  11. Select Finish.
  12. Select Save.
  13. 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 a client on one of the client tabs.
  2. Select the Accounting tab at the top of the client 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 creating 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.