This SOP outlines the process for creating an invoice for an additional interest (i.e., mortgage company) on behalf of the insured, including steps to adjust billing details, select the correct recipient, and ensure proper documentation and format.
Creating an Invoice for the Mortgage Company
Objective
This SOP outlines the steps to create an invoice for an additional Interest (i.e.,mortgage company) for the insured, ensuring accurate billing and documentation.
Key Steps
Step 1: Access Billing Section 0:08
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Navigate to the billing section for the policy.
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Select 'Endorsement Fees and Taxes'.
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Click on 'Edit' to modify the necessary details.
Step 2: Set Up Invoice Details 0:19
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Ensure the invoice is set as an agency bill paid in full.
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Confirm that the renewal premium is correctly entered.
- Enter any taxes and/or fees
- Generate the Transaction
Step 3: Create Invoice 0:29
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Click 'Save' to save your changes.
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Select 'Create Invoice for Receivable'.
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If applicable, choose to also create the 'Issue Payment' and net the agency commissions.
Step 4: Access Invoices and Receipts 0:52
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Go to 'Documents', then select 'Invoices and Receipts'.
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Click on 'Actions' next to the invoice you just created.
- Click 'Edit'
Step 5: Edit Invoice Recipient 1:03
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In the invoice editing section, locate the 'Billed To' field.
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Change the default setting from 'Insured' to 'Additional Interest Party'.
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Select the Additional Interest (Mortgage Company) or other party you are billing.
Step 6: Save and Send Invoice 1:21
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Review the populated information to ensure accuracy.
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Save the invoice.
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Choose to email, print, or download the invoice as needed.
Step 7: Review Invoice Format 1:35
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If desired, view the invoice to check the format.
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Confirm that it displays correctly with the Additional Interest as the billed party.