To streamline the process of combining receivables into a single Accounts Receivable (AR) to create an Invoice and consolidating payables into a single Accounts Payable (AP) to create a single Issue Payment.
Key Steps:
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Access the endorsement section in the policy and enter the necessary premium, and non-premium such as MGA fee, surplus lines tax, etc.
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Check the option to combine receivable and payables
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Generate the transaction to create one receivable and one payable.
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The premium is separate because it is commissionable from which the non-premium is added for a total premium.
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Save the transaction.
- From Documents, create an Invoice (AR) and Issue Payment (AP).
Please Note:
- Combining Receivables and Payables simplifies the invoice for the insured, who is not always familiar with the premium and nonpremium concepts.
- Another good reason to combine Receivables is when a policy is financed. It makes entering the A/R (and financed amounts) as simple as copying the number from the Finance Agreement.
- Combining policies and receivables into one invoice is possible but selecting such in the document creation
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The receivable and the payable will be the same amount, unless an Agency Fee is charged, because the agency commissions will be netted in the Issue Payment.
- Selecting multiple payables and multiple net commissions into one Issue Payment in an insured or even in an MGA details page.