Combining Receivables into One AR and Payables into One AP for invoicing

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:

1. Access the endorsement section in the policy and enter the necessary premium, and non-premium such as MGA fee, surplus lines tax, etc.

2. Check the option to combine receivable and payables

3. Generate the transaction to create one receivable and one payable.

4. The premium is separate because it is commissionable from which the non-premium is added for a total premium.

5. Save the transaction.

6. 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

• 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.