Scenario

An agent submits two finance contracts (A and B) to different finance companies. They later decide to proceed with contract B. However, the check from finance company A was received first and already recorded in BindHQ.

What’s the correct procedure in this case?

You’ll need to unapply the receipt from finance company A, then apply the receipt from finance company B. Here’s how to handle it step-by-step.

Step-by-Step Instructions

1. Unapply the Original Receipt

If the accounting period is still open:

• Identify and view the receipt that was recorded for finance company A.
• Click 'More Actions' and select 'Edit Receipt' it was applied to.

2. What happens when I uncheck the invoice?

• The payment becomes unapplied in BindHQ.
• It now sits as an unapplied amount in your account, available for refund.

3. Refund the First Payment (Optional)

If necessary, you can now refund the unapplied amount to finance company A.

This ensures clean records and prevents duplicate credits on the insured’s account.

4. Apply the New Receipt

Once the second check (from finance company B) is received:

• Record it in BindHQ as a new receipt.
• Apply it to the appropriate invoice.

This will finalize the transaction with the correct finance company selected by the agent.

Summary

If you have questions about unapplied funds or issuing refunds in BindHQ, reach out to Support for assistance.