How to Bill a Financed Policy in Momentum AMS

Step-by-Step Instructions

Step 1: Locate the Policy

• Use the global search to find the insured and select the policy that needs billing.

• This is often done immediately after renewing or binding a new policy.

Step 2: Add the Finance Company

• Go to the General Information tab of the policy.

• If the Finance Company field is empty:

  • Select the appropriate company (e.g., U.S. Premium Finance) from the dropdown.

  • Click Save Changes.

Step 3: Access the Billing Menu

• Click on the Billing tab.

• Select the Endorsement that corresponds to the policy term (e.g., the renewal).

• Click Edit Endorsement to update the premium and fees.

Step 4: Enter Premium and Apply Fees

• Enter the renewal premium (e.g., $37,000).

• Use a Billing Template to auto-apply standard charges (e.g., Agency Fee, Carrier Fee, Surplus Lines Tax, Stamping Fee).

• You may also add manual fees or taxes as needed.

• Verify totals.

Step 5: Set Billing Type

• Under Billing Type, choose:
  ✅ Agency Bill – With Outside Financing

• Uncheck the template if done adding charges.

⚙️ Step 6: Generate Transactions

• Click Generate Transactions.

• This action creates:

  • Receivables (down payment)

  • Payables (carrier amount)

  • Commissions (agency and agent)

  • Additional revenue (fees)

Step 7: Verify Financial Balances

• Review the commission percentage and make sure it’s net of fees.

• Ensure the checksum = 0 — this confirms no balance discrepancies.

Step 8: Adjust Down Payment and Financing Amounts

• The system may default to a 25/75 down payment split — update this to match the finance agreement.

• Adjust:

  • Receivable = Down payment (e.g., $6,000)

  • Financing = Remaining balance (e.g., $30,000)

• Total premium must match.

Tip: Copy amounts directly from the PFA to ensure accuracy.

Step 9: Save & Create Invoice

• Click Save and Create Invoice for Receivables.

• The system generates the invoice for the down payment.

• Navigate to Documents → Invoices/Receipts to review or email the invoice.

• You can send it with a Pay Now link if integrated with a payment processor.

Step 10 (Optional): Prepare Payable to MGA

If your MGA bills individually (not by statement):

• Go to the Billing → Payables section.

• Click Prepare Initial Payment to manually log the payable to the MGA.

• This is necessary when:

  • The MGA requires payment per policy (not consolidated)

  • The finance company does not send funds directly to the MGA

✅ Step 11 (Optional): Finance Funds Sent to Agency

• If the finance company sends the full premium to the agency:

  • Check the box “Finance Co. sends funds to agency” when generating transactions

  • This creates a second set of receivables/payables to track the inbound and outbound movement of those funds

  • Record when the payment is received and forwarded

⚠️ This is uncommon. Most PF companies pay the MGA directly.

Summary

Billing a financed policy involves:

Best Practices

• Always enter amounts exactly as stated in the Premium Finance Agreement (PFA)

• Use billing templates to ensure tax and fee consistency

• Confirm that checksum = 0 before saving

• Upload the signed PFA to the Documents tab for audit trail