This article provides a comprehensive guide for billing insureds on monthly or quarterly installment payments.
We will discuss creating an Invoice for Accounts Receivable (AR) and an Issue Payment for the Accounts Payable (AP)
**Please note: Combining Receivables and Payables
- If the box is unchecked, an AR and an AP will be generated for each listed premium/non-premium, and an itemized invoice will be generated.
- If the box is checked, it will result in one total AR, simplifying the invoice.
1. Access Policy Details and Creating Multiple Invoices for AR
Video 1 0f 3: https://www.loom.com/share/b740e4daa13a4a269e5a4565e498a761
Step-by-step:
- Navigate to the insured's Policy > select Actions > Details
- Select Billing (top menu)
- Select the billing type Agency Bill 100%
- Select Endorsement/Fees/Taxes> select the Action > Edit Endorsement/Fee
- Enter premium (top line item) and each non-premium from the top line item > Add Item
- Then select the tab Generate Transaction (green tab to the right of the premium line item)
2. Setting Payment Terms
Video 2 0f 3: https://www.loom.com/share/be974cbeb9da43d6afeeb1b7a8fc395b
please note: If you're retaining commission, the commission type will be NET. If you are receiving commission from a statement, the commission type is GROSS.
Step-by-step:
- Selecting Down Payment: Select either a downpayment in percentage format, i.e. 25%, or in a $ dollar amount
- Choosing Remaining Payment Frequency: Select the remaining monthly or quarterly payments, i.e. 3 remaining payments or 9 remaining payments.
- Add Processing Fees: if applicable.
- If there are multiple payables to match the AR structure, check the box Add Payables
- Commission Retention Decision: If you are retaining agency commissions as earned, complete the Create Commission Payment Schedule
- Select Save and Create Multiple Invoices
3. Creating Issue Payment for the AP (which will reconcile retained agency commissions)
Video 2 0f 3: https://www.loom.com/share/ca7364ca6bcc4073b1cdcbea7f559036
Step-by-step:
- Go to Document (top menu)
- Selecting Issue Payment > Add New
- Select the initial AP and the corresponding Commission Payment and Save
- Repeat for the remaining Account Payables and their corresponding retained commissions
4. The Final Step is to Record Payments
- Record any payments received from the insured to the invoice. Please note that we are integrating with several merchant services.
- Record payments to the Carrier or MGA to the Issue Payment. It's this action that reconciles Retained Agency Commissions
Account Current Report: A Powerful Tool for Tracking Insured Payments and Managing Disbursements
This report is found within Interactive reports (left main menu).
