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Invoice Processes

It is important that everyone who invoices does it correctly. Incorrect invoices cause more problems and take longer to resolve.

 

The Data tab is always completed for ALL invoices.

Complete the various Tabs as needed.

Use the Multi Tab;

  • if the payments are split between clients.

  • If the policy commission is split between producers.

  • if the policy has fees or taxes.

Use the Installment Tab;

  • If the policy is to be paid over time, i.e. on installments.

Use the Finance Tab;

  • if the policy is financed by an outside finance company.

  • if the policy is financed by a carrier.

Use the A/R Tab;

  • if payments are involved and cash has been applied

Use the Invoice Tab

  • when the invoice is ready to be printed/completed.

Click the links below to learn about invoices.

What does invoicing affect?

Annual Policy

Consulting or Service Fees

Installment Policy

Multi Payment; Commission Split or Taxes

Financed Policy

A/R Tab

Invoice Tab

Revising Invoices including Installments and Financed policies

Correcting Errors and Accounting Activity Logs

Invoice Research and Client Ledger

 

Where Does Invoicing Begin?

The invoice actually begins when the Basic Client is loaded in the system. The address from the Basic Client appears on the Invoice. The codes from the Basic Client for Producer and Servicer go to the Basic Policy.

 

The Basic Policy (which also includes Fees for Consulting, Benefit Plans and Time & Materials) information like Client Code, Bill to Code, Producer and Servicer codes, Insurer, Payee, Coverage Code, Bill Type and Commission flows to the Invoicing screens.

 

What If There Are Changes?

If information changes on any screen, it MUST be changed on all screens. Example: If the producer or servicer change permanently, it has to be changed on the Basic Client, Basic Policy and the Multi Information screen if there is a commission split. This is true for all information that goes to an invoice.

 

Hierarchy of Information

Did you know the system prints information on the invoice based on priorities of information? For example, it is possible to have one producer code on the invoice, another on the Multi Info, another on the policy. This is often the result of multiple changes or multiple people working on an account but changes were not made correctly.

 

This is how the system reads information that goes on the Invoice in order of priority.

1) The Invoice; 2) the multi screen, 3) the basic policy.

 

(Rev 1/03/2008)