Difference between revisions of "Agency Bill: Adjust Company Payables for Direct Bill Commission"
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− | [[ | + | The procedure detailed in this document should be followed when an insuring company bills invoices as agency and direct bill; then reduces the company payable amount for agency billed invoices with the direct bill commission amount due the agent on direct bill invoices. |
+ | |||
+ | == Journal Entries == | ||
+ | #Select '''Accounting -> Journal Entry'''. | ||
+ | #Enter '''[[General Ledger Profile|G/L Account]] 1130''' for the first journal. Press '''<TAB>'''. | ||
+ | #Enter the '''Sub G/L for the company'''. Press '''<TAB>''' | ||
+ | #Select a '''Date'''. ''(Right-click the date field to select a dynamic date, such as "End of Month".)'' Press '''<TAB>'''. | ||
+ | #Enter a '''[[Department Profile|Department]]'''. Press '''<TAB>'''. | ||
+ | #Enter a '''Description'''. Press '''<TAB>'''. | ||
+ | #Enter the '''Amount''' of the direct bill commission as a '''credit''' ''(Example: '''$-508.25''')''. (Select the drop-down to display a calculator.)''. Press '''<TAB>'''. | ||
+ | #The cursor automatically moves to the offset journal list at the bottom. | ||
+ | #Enter '''[[General Ledger Profile|G/L Account]] 2110''' for the offset journal. Press '''<TAB>'''. | ||
+ | #Enter the '''Sub G/L for the company'''. Press '''<TAB>''' | ||
+ | #Enter a '''[[Department Profile|Department]]'''. Press '''<TAB>'''. | ||
+ | #Enter the '''Amount''' of the direct bill commission as a '''debit''' ''(Example: '''$508.25''')''. | ||
+ | #Select '''Save'''. | ||
+ | #Write down the system assigned '''Journal''' numbers. ''(Example: '''1065''' and '''1066''')''. | ||
+ | [[File:Abcom-adj-dbcom-jrnlentry.png]] | ||
+ | |||
+ | == Applying Journals to Invoice Transactions == | ||
+ | |||
+ | #Open any '''Direct Bill''' invoice included on the commission statement. | ||
+ | #'''Double-Click''' on invoice line. | ||
+ | #Select the Adjust button in the lower right-hand corner of the screen. | ||
+ | #Select Adjust This Invoice Line With -> An Existing Journal. | ||
+ | #Enter the Journal number for GL 1130. ''(Example: '''1065''')'' | ||
+ | #Select '''Accept'''. | ||
+ | #:[[File:Abcom-adj-dbcom-existingtoDB.png]] | ||
+ | #Select Finish to close the invoice line details. | ||
+ | #Select Exit to close the invoice. | ||
+ | #Open any '''Agency Bill''' invoice included on the commission statement. | ||
+ | #'''Double-Click''' on invoice line. | ||
+ | #Select the Adjust button in the lower right-hand corner of the screen. | ||
+ | #Select Adjust This Invoice Line With -> An Existing Journal. | ||
+ | #Enter the Journal number for GL 2110. ''(Example: '''1066''')'' | ||
+ | #Select '''Accept'''. | ||
+ | #:[[File:Abcom-adj-dbcom-existingtoAB.png]] | ||
+ | #Select Finish to close the invoice line details. | ||
+ | #Select Exit to close the invoice. | ||
+ | |||
+ | == Reconciling and Paying Direct Bill Invoices == | ||
+ | |||
+ | #Select Company -> Reconcile Company Receivables (Direct Bill). | ||
+ | #Enter the '''Company Code'''. | ||
+ | #Enter the '''Start''' and '''End Date''' of the invoices you want to reconcile/pay. | ||
+ | #Select OK. | ||
+ | #On the '''Transaction Details''', select '''Create a New Cash Transaction to Pay'''. | ||
+ | #Enter the '''Bank'''. | ||
+ | #Enter the '''Department'''. | ||
+ | #Enter a '''Description'''. | ||
+ | #Enter the '''Amount''' as '''0.00'''. | ||
+ | #Select OK. | ||
+ | #:[[File:Abcom-adj-dbcom-paydetails.png]] | ||
+ | #'''Right-Click''' and select '''Pay All in Full'''. ''(Optionally, '''Right-Click''' and select '''Pay This Invoice in Full''')'' | ||
+ | #:[[File:Abcom-adj-dbcom-payall.png]] | ||
+ | #Select '''Perform Reconciliation'''. | ||
+ | #Select '''Yes''' to system message that reconcile will create a cash for zero dollars. | ||
+ | |||
+ | == Reconciling and Paying Agency Bill Invoices == | ||
+ | |||
+ | #Select Company -> Reconcile Company Payables (Agency Bill). | ||
+ | #Enter the '''Company Code'''. | ||
+ | #Enter the '''Start''' and '''End Date''' of the invoices you want to reconcile/pay. | ||
+ | #Select OK. | ||
+ | #'''Right-Click''' and select '''Pay All in Full'''. ''(Optionally, '''Right-Click''' and select '''Pay This Invoice in Full''')'' | ||
+ | #:[[File:Abcom-adj-abcom-payall.png]] | ||
+ | #Select '''Payment Details''' to verify check information. | ||
+ | #:[[File:Abcom-adj-abcom-paydetails.png]] | ||
+ | #Select '''Perform Reconciliation'''. |
Latest revision as of 20:36, 22 March 2019
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The procedure detailed in this document should be followed when an insuring company bills invoices as agency and direct bill; then reduces the company payable amount for agency billed invoices with the direct bill commission amount due the agent on direct bill invoices.
Contents
Journal Entries
- Select Accounting -> Journal Entry.
- Enter G/L Account 1130 for the first journal. Press <TAB>.
- Enter the Sub G/L for the company. Press <TAB>
- Select a Date. (Right-click the date field to select a dynamic date, such as "End of Month".) Press <TAB>.
- Enter a Department. Press <TAB>.
- Enter a Description. Press <TAB>.
- Enter the Amount of the direct bill commission as a credit (Example: $-508.25). (Select the drop-down to display a calculator.). Press <TAB>.
- The cursor automatically moves to the offset journal list at the bottom.
- Enter G/L Account 2110 for the offset journal. Press <TAB>.
- Enter the Sub G/L for the company. Press <TAB>
- Enter a Department. Press <TAB>.
- Enter the Amount of the direct bill commission as a debit (Example: $508.25).
- Select Save.
- Write down the system assigned Journal numbers. (Example: 1065 and 1066).
Applying Journals to Invoice Transactions
- Open any Direct Bill invoice included on the commission statement.
- Double-Click on invoice line.
- Select the Adjust button in the lower right-hand corner of the screen.
- Select Adjust This Invoice Line With -> An Existing Journal.
- Enter the Journal number for GL 1130. (Example: 1065)
- Select Accept.
- Select Finish to close the invoice line details.
- Select Exit to close the invoice.
- Open any Agency Bill invoice included on the commission statement.
- Double-Click on invoice line.
- Select the Adjust button in the lower right-hand corner of the screen.
- Select Adjust This Invoice Line With -> An Existing Journal.
- Enter the Journal number for GL 2110. (Example: 1066)
- Select Accept.
- Select Finish to close the invoice line details.
- Select Exit to close the invoice.
Reconciling and Paying Direct Bill Invoices
- Select Company -> Reconcile Company Receivables (Direct Bill).
- Enter the Company Code.
- Enter the Start and End Date of the invoices you want to reconcile/pay.
- Select OK.
- On the Transaction Details, select Create a New Cash Transaction to Pay.
- Enter the Bank.
- Enter the Department.
- Enter a Description.
- Enter the Amount as 0.00.
- Select OK.
- Right-Click and select Pay All in Full. (Optionally, Right-Click and select Pay This Invoice in Full)
- Select Perform Reconciliation.
- Select Yes to system message that reconcile will create a cash for zero dollars.
Reconciling and Paying Agency Bill Invoices
- Select Company -> Reconcile Company Payables (Agency Bill).
- Enter the Company Code.
- Enter the Start and End Date of the invoices you want to reconcile/pay.
- Select OK.
- Right-Click and select Pay All in Full. (Optionally, Right-Click and select Pay This Invoice in Full)
- Select Payment Details to verify check information.
- Select Perform Reconciliation.