Invoice: Adjust Premium and Commission on Existing Invoices in Closed GL Periods

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Adjust Premium and Commission on Existing Invoices in Closed GL Periods

When an invoice is entered, multiple receivables and payables are created based on the invoice type, and the amount of agency and producer commission.

Sometimes, one or more of the values are entered incorrectly, and need to be adjusted, but the original invoice is in a closed general ledger period.

Adjustments can be created with standalone invoices, or on-the-fly through reconcile.


Adjust an Invoice Manually

This process will create a standard invoice using Express Billing, separate from the original incorrect invoice.

  1. Load a client on one of the client tabs.
  2. Open the existing incorrect invoice in Express Billing:
    A) Select the client Invoices top tab, and double-click to open the invoice.
    B) If it is the most recent invoice for the policy:
    • Select the (+) next to Policies. (To expand the band by default, see: Preferences)
    • Left-Click the desired policy number to open Policy Express.
    • Select Express Billing from the top toolbar.
  3. Select Policy -> Close Transaction.
  4. Select Policy -> New Transaction.
  5. Enter ADJ for Trans (Transaction).
  6. Verify the Bill Method. (Typically Agency Bill).
  7. Select Next.
  8. Type in only the adjustment amount(s).
    • To increase the client premium by $50.00, enter Amount $50.00, and any additional commission changes for Agency and Producer.
    • To decrease the agency commission by $12.50, and not change the client premium, enter only an amount in the Agy Comm field as -$12.50.
  9. Select Finish.
  10. Select Yes to save changes.
  11. Select Save then Exit.

Adjust an Invoice Using Reconcile

While performing either Reconcile Company Payables, Reconcile Producer Payables, Reconcile Client Receivables, or Reconcile Company Receivables, any invoice can be adjusted on-the-fly without leaving the reconcile window.

The example below is for Company Payables.

  1. Select AP -> Reconcile Payables.
  2. Select 2110 - Company Payables.
  3. Enter the Company code.
  4. Verify the Start Date and End Date and select OK. The invoices will be loaded.
  5. To adjust an invoice Right-Click anywhere on the invoice line and select Adjust This Invoice.
  6. The Adjust Details window displays with one tab for each invoice line. Select the invoice line to adjust.
  7. By default, only the Client balance is available, with all other adjustments tied to the client adjustment.
    • Deselect Tie adjustments to client adjustment to only adjust a single side of an invoice. (Example: Edit company payable without changing premium).
  8. Enter new Adjusted amount, or enter the Adjustment difference.
  9. Enter the Transaction code, typically ADJ.
  10. Select OK.
  11. Complete the remaining Reconcile Company Payables steps to pay the invoices, verify the payment details, and perform the reconciliation.

The adjustment invoice is only created after Perform Reconciliation is selected, and the reconcile complete. If the reconciliation is cancelled, no changes are saved.