Using a Policy’s Accounting Tab

Make payments, record receipts, process third-party payments, or offset transactions from the Accounting tab of a Policy

Applies to:

  • Accounting
  • Administrator

 

Last Updated: January 2021

This article explains how Accounting can make payments, record receipts, process third-party payments, or offset transactions from the Accounting tab of a Policy

There are five parts to this article

 


Policy Transaction Overview

After navigating to a policy, the Accounting tab shows the related binding and premium transactions, including policy binds, endorsements, return premiums, and cancellations.

Each transaction is a line item, and shows these details:

  • Transaction ID
  • Description - A description of the transaction type (for example, Policy Bind).
  • BT - The billing type (agency bill or direct bill).
  • Transaction Date - The date the transaction occurred.
  • Effective Date - The effective date of the policy or endorsement.
  • Due Date - The date payment on the transaction is due.
  • Overdue - The number of days payment is overdue.
  • Receivable Details - Shows the Agency, the payment details (total, paid, and due), and the status (either Fully Paid or a checkbox that lets users select the transaction).
  • Payable Details - Shows the Marketing Company, the payment details (total, paid, and due), and the status (either Fully Paid or a checkbox that lets users select the transaction).

  • Click the plus icon (+) to the left of a line item to expand the invoice summary. The invoice summary shows each invoice line for the transaction, including premiums, taxes, and fees. Click View Invoice or View Bill to navigate to the full invoice detail or bill detail.

  • Users can also record receipts, make payments, process third party payments, or offset transactions. The options depend on the type of transaction selected (credit or debit).

Record a Receipt

  1. From the transaction list, select one or more open line items by checking the Status checkbox on the right.
  2. In the bottom right corner of the page, click Record Receipt.

  3. The Record Receipt page opens.
  4. Fill in the receipt details, then click Record Receipt.



Make a Payment

  1. From the transaction list, select one or more open line items by checking the Status checkbox on the right.
  2. In the bottom right corner of the page, click Make Payment.

  3. The Pay Bills page opens.
  4. Fill in the payment details, then click Make Payment.

 


Process a Third-Party Payment

See our article on processing third-party payments.

 


Offset Transactions

  1. From the transaction list, select two or more receivable transactions or payable transactions by checking the Status checkbox to the right of the receivable details.
  2. In the bottom right corner of the page, click With these Transactions to open a drop-down with the available options, then select Offset.

  3. The New Offset pop-up opens.
  4. Ensure the correct Posted At date is set and click Show Details to verify the transaction amount.
  5. (Optional) In the Memo field, enter a brief description or note regarding the offset.
  6. Click I Understand, Offset Transactions to complete the offset.