Using Overpayments features

Use the Overpayment feature to track overpayments made by Agents

Applies to:

  • Accounting
Last Updated: September 2020

This article explains how to use the Overpayments feature to track overpayments made by Agents.

Agents sometimes make mistakes, and send in more money for a policy than is outstanding.

This overpayment needs to be tracked against the correct policy so it can be reported back to the agent, or applied as a credit, at a later date.

 

 

  • To record an overpayment on a receipt simply enter the amount you need to apply to the associated transaction
  • You will see a notification in the cases where that amount is over (or under) applied.
  • After saving the payment the over applied amount will be available as a credit on the associated transaction.

  • This credit will also flow through to the agency statement for accurate reporting back to the agent on the status of their account.

Edge cases and things to keep in mind

  • Supporting overpayment provides additional flexibility on managing your receivables with your agents.