Using
Accounts Receivable to Manage Partial Payments in Policy Profiler
The steps below
will show you how the Accounts Receivable module in Policy Profiler can help
you manage and track partial payment amounts owed to your agency.
Step 1: Set up an Accounts Receivable transaction code
Setting up the A/R transaction code is a one time set up requirement.
To set up the A/R transaction code:
1) On the Policy Profiler main menu, enter 60 (System
Files).
2) Enter T for Transaction Code Database.
3) Enter A for Add New Transactions.
4) Click in the Transaction Code field and type A/R.
5) Click in the Description field and type Accounts
Receivable.
6) Click in the Default Code field, press F1 and
select A/R with a default code of 11. Press Enter on the
selection. Verify that 11 is displayed in the Default Code field.
7) Press F10 and then enter S for Store/Exit.
8) Press the Esc key twice to return to the Policy
Profiler main menu.
Step 2: Set up
Control Records for Accounts Receivable reports
This is a one
time set up requirement.
To
set up the A/R transaction code:
1) On the Policy Profiler main menu, enter 60 (System
Files).
2) Enter R for Control Database.
3) Enter A to Add New Control Record.
4) In the Form Name field, type A/R ACTIVITY.
5) In the Description field, type Accounts Receivable
Activity Report.
6) In the Printer Port field, press F1.
7) On the Printer Worksheet, press Enter in the Printer
Port field. Use the Down arrow key on your keyboard to select the
port and then press the Enter key.
8) In the Condensed Print field, enter Y.
9) Press F1 in the Printer Type field. Use the Down
arrow key to select the printer and then press Enter.
10) Press Enter on OK to save Printer Worksheet
changes.
11) Enter A to Add Another Control Record and add
the remaining A/R control records using steps 1 through 10:
a)
Form Name: A/R Detail
Description:
Accounts Receivable Detail Report
Condensed
Print = Y
b)
Form Name: A/R
Summary
Description:
Accounts Receivable Summary Report
Normal
Print = Y
12) When finished, enter S for Store/Exit.
Step 3: Receive the partial
payment
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To receive the partial payment:
2)
If applicable, at the
prompt, select the account you want to take the payment on.
3) On the first transaction line of the Receipt Entry screen,
make sure that the Amount field reflects the full amount of the
payment. DO NOT deduct the amount the insured will owe your agency.
4) Complete all remaining fields on receipt transaction line 1
(i.e., Company, Transaction, Transmit Date, Reference and Payment Method) as
necessary.
5) If the receipt includes fees or other transactions, enter
these receipt transactions.
6) On the next available transaction line, press F1
under the Company column, select your agency’s company record
from the Company list and then press the Enter key.
7) Press F1
under the Transaction column, select A/R from the transaction
code list and then press the Enter key.
8) Enter the Transmit Date. (Typically, this will be the
current date.)
9) Enter the Reference Number. (Typically, this will be
the account number.)
10) Under the Amount column, enter the amount that the
insured owes your agency as a negative amount. For example: -20.00.
11) Under Payment Method, enter 1 (Cash).
12) In the Amount Tendered field, enter only the
amount that the insured has given you. DO NOT make any adjustments by factoring
in the amount that your agency is covering for the insured.
13) Press F10.
14) Select Print Receipt.
The receipt will show the amount that is owed by the insured to your agency. While you will be able to track what is owed to you, Policy Profiler does not generate any promissory agreement for the insured to sign. If you want the insured to sign an agreement, you will need to create a form.
Step
4: Track Accounts Receivable
To
view receivables by individual profiles:
1) Open the profile of an insured that owes an amount.
2) On the profile page, press the Tab key three times
until you reach Tab Option 4.
3) Enter A for A/R Register. Any amounts owed
will be shown under the Transactions heading.
4) Optional:
Enter H to print a report showing the A/R transaction(s) for the
insured.
To
print a receivables report showing amounts owed by all insureds:
1) On the Policy Profiler main menu, enter 33 (Accounts
Receivable).
2) Enter A for Activity Report.
3) To view A/R transactions entered within a certain date
range, enter the range in the fields provided.
4) Enter Y in the Select open transactions only?
field.
5) If desired, search on an alphabetical range of last names by
entering the range in the fields provided. (If you are only concerned with
transaction dates, leave these fields blank.)
6) Press F10 to continue.
7) Enter Q to Query.
8) Select one of the following options:
a)
Enter V to View
the query results. Then, enter S to view Summary information OR D
to view Detail information. (The Summary shows total receivables for the
specified date range. The Detail report lists each insured and the amount owed
within the specified date range.)
b)
Enter P to Print
the report.
Step
5: Receive the Amount Owed
To
receive the amount owed:
1) On the insured’s profile, on Tab Option 1, enter R
for Receipt and select Other Payment.
2) If applicable, at the prompt, select the account you want to
take a payment on.
3) On the Outstanding Balances screen, press the spacebar on
the A/R item(s) you want to include on the receipt. A check mark should be
displayed next to your selection(s).
4) Press F10 to continue.
5) Enter a Payment Method for each receivables
transaction.
6) If desired, add any additional receipt transactions (such as
a monthly payment).
7) Enter the Amount Tendered.
8) Press F10 to continue.
9) Enter P for Print Receipt.
10) On the Accounts Receivable screen, select the A/R
transaction that the current payment should be applied to and then press the Enter
key.
11) The following message displays: Post to Charge transaction?
Select Yes.
How using the Accounts Receivable module affects transmittals…
The
totals for Prime Rate (or any other finance company) will not be affected. They
will receive the total amount owed to them. Accounts receivable transactions
will appear on your agency’s transmittal. Each A/R transaction will show
the Transaction Date, the Receipt Number, the insured’s Name, the Payment
Method and the transaction Amount. Amounts owed to your agency will display as
negative amounts. A/R amounts received by your agency will also be displayed in
this section. The A/R totals will reflect the difference between amounts
received and amounts owed.
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