View source for Policy: Convert A Quote To A Policy

[[Category:Policy Tasks]]
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    <td>[[File:Ic_info_black_24dp.png]] Required Software Version: [[:Category:Release Notes|Spring 2017]]</td>
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    <td>[[File: Ic_settings_backup_restore_black_24dp.png]]  Legacy Instructions Available: [http://wiki.agencysystems.com/mediawiki/index.php?title=Policy:_Convert_A_Quote_To_A_Policy&oldid=3833 Click Here]</td>
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    <td>Related Pages</td>
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<ul>
<li>[[Policy Dashboard]]</li>
<li>[[Policy Keyword Search]]</li>
<li>[[Policy & Billing]]</li>
<li>[[Policy: Create A Policy]]</li>
<li>[[Report: Policy List Report: Quotes Not Converted to a Policy|Report: Quotes Not Converted to a Policy]]</li>
</ul>
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    <td>Related Categories</td>
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<ul>
<li>[[:Category:Policy Tasks|Policy Tasks]]</li>
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The steps below outline the process of converting a quote into a policy with the same or different policy number.  A policy number in Newton can represent a [[#Policy Type|policy, quote or binder]], and must be unique.

== Before You Begin ==
Access to create and edit Policies or Binders requires the current operator to have [[Security System|Security System: AR -> Policy Transaction -> Create and Edit]] access. 

Access to create and edit Quotes requires the current operator to have [[Security System|Security System: AR -> Quoted Transaction -> Create and Edit]] access. 

[[File:Ic_info_black_24dp.png]]  See: [[Security System]] for more information.

== Policy Type ==
A policy transaction has three different policy types.  

'''Policy:''' The transaction is an active policy. 
*The [[Invoice: Create An Invoice|invoice attached]] effects the accounting portion of the system. 
*Policies display in black on all tabs throughout the system. 

'''Quote:''' The transaction has been quoted. The invoice attached is for informational purposes only and '''does not effect''' the accounting portion of the system.  
*[[Policy: Convert A Quote To A Policy|Quotes can be converted to policies]].  
*Invoices attached to quotes will effect accounting after a quote is converted. 
*Quotes display in green on all tabs throughout the system. 

'''Binder:''' Binders are policies that have been sold by the agency but the paperwork has not been received from the [[Company Profile|company]].  
*A binder invoice effects all [[Agency Bill|general ledger accounts exactly like a normal invoice]].  
*Accounting reports such as the [[Report: Accounts Current|Accounts Current]] and [[Report: Producer Statement|Producer Statement]] provide options to include or exclude binder invoices.
*[[:Category:Cash|Cash]] and [[:Category:Checks|Checks]] can be applied to binder invoices. 
*When a [[Policy: Convert A Quote To A Policy|binder is converted to a policy]], any [[:Category:Cash|Cash]] or [[:Category:Checks|Check]] applied to the binder invoice is automatically moved to the new invoice.  A third invoice is created to reverse the original binder invoice.  The third invoice is automatically open item matched to the binder invoice to cancel each other. 
*Binders display in purple on all tabs throughout the system. 
*Binders can be disabled within the [[Agency_Profile#Accounting_Setups_Tab|Agency Profile]].

[[File:Ic_info_black_24dp.png]] For additional information see: [[Policy & Billing]]

== Convert A Quote To A Policy Using The Policy Dashboard ==
[[File:Ic_info_black_24dp.png]]  Prior to converting a quote, the quote must already be entered into the system. See [[Policy: Create A Policy|Create A Policy]] for more details. 

The '''Policy Dashboard''' is typically opened from the [[Client Tab: Client Dashboard|Client Dashboard]], however it can also be opened directly from the [[#Policy Keyword Search|Policy Keyword Search]], the [[User Dashboard Tab]], the [[Company Tab]], the [[Management Tab]], or from [[Policy & Billing]]. 

#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy Tasks''' -> '''Convert Quote or Binder to Policy'''.
#:[[File:Poldash-dashboard-toolbar-policytask.png]]
#Verify '''Policy Type''' -> '''Policy''' is selected unless converting to a Binder.
#:[[File:Poldash-convert-poltype.png]]
#'''Policy Number''': There are three policy number options when converting a quote to a policy. 
#*Select '''Autonumber''' to convert the policy to a unique system-generated number.  '''Do not use "TBD"''' for a temporary number.  
#*Leave the existing '''Policy Number''' and the system will add a new transaction onto the quote.
#*Enter a new '''Policy Number''', and the system will create the policy, or add a new transaction onto the entered number. Policy numbers are case-sensitive. Typically, letters are entered as capitals.
#Verify or update the '''Policy Effective''' start and end dates. 
#Verify '''the Account Current''' date.  If the quote was invoiced, the converted policy will automatically be invoiced and posted to the general ledger as of this date. 
#Select '''OK'''.

The updated policy will be visible within the '''Policies''' band on the [[Client Tab]].   If the policy number changed during the convert process, the quote number is automatically marked as '''Replaced''' and hidden from the policy list.  To include replaced quotes, '''Right-Click''' and select '''Include Replaced''' on the [[Client Tab: Client Dashboard|Client Dashboard]].

== Convert A Quote To A Policy Using Policy & Billing ==
[[File:Ic_info_black_24dp.png]]  Prior to converting a quote, the quote must already be entered into the system. See [[Policy: Create A Policy|Create A Policy]] for more details. 

[[Policy & Billing]] is typically opened from the [[Policy Dashboard]], however it can also be opened directly from a [[Submission]], the [[Client Tab: Client Dashboard|Client Dashboard]], or the [[Main Menu and Tab Navigation|Main Menu]]. 

#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy & Billing''' within the top toolbar.  ''(To skip the Policy Dashboard, left-click the premium amount on the [[Client Tab: Client Dashboard|Client Dashboard]].)'' 
#The [[#Policy Transaction (Sequences)|most recent transaction for the policy]] will open in [[Policy & Billing]].
#Select '''Policy''' -> '''Convert Quote or Binder'''. 
#Enter the '''New Policy''' number or let the system automatically assign a new number.  ''(Do not enter TBD.)''
#Verify or update the '''Policy Effective''' start and end dates. 
#Verify '''the Account Current''' date.  If the quote was invoiced, the converted policy will automatically be invoiced and posted to the general ledger as of this date. 
#Select '''OK'''.

[[File:Ic_info_black_24dp.png]] For additional information see: [[Policy & Billing]]