Direct Funding

This feature is used to convert an agency bill invoice into a direct bill company invoice when the MGA is bypassed and the agent or insured’s payment is sent directly to the carrier or finance company.

1. On the Company/Payables menu, click Direct Funding.

2. In the Period field, ensure that the proper period is selected.

3. In the Applied Amount field, enter the amount that was sent to the carrier or finance company.

4. Click the magnifying glass to search for the AP invoice.

5. In Invoice Lookup, use the buttons and features described in the table below to perform an invoice search.

Field/Feature	Function
Search For	Select the criteria to be used to search for an invoice.
Magnifying glass	Open the Invoice Search dialog box for an in-depth search of the system.
Search	Click to complete the search process once the search criteria have been entered.
Select	Add the invoice into the batch
Close	Exit Invoice Lookup
Hide Zero Balance Invoices	Suppress invoices that have no monetary impact
Lookup tab	Displays selected details for the invoices
Payments/Credits tab	Displays all payments and credits for the highlighted Invoice
Line Details tab	Displays the accounts and amounts that were debited and credited
Invoice Notes tab	If an invoice note has been added to the invoice, you can access them using this tab

6. Enter the search criteria, and then click Search.
7. Select the applicable invoice.
8. Click Select.
9. In the Post Direct Funding of AR Invoice dialog box, review the Revised Balance field for accuracy.
10. Click Print Jrnl to print the journal.
11. Click Post Batch to post the batch.

To reverse a credit invoice batch, a user must process two debit credit memos to the affected invoice as described in Direct Fund a Credit Invoice. The first Dr/Cr memo is processed in AR to move the balance to an adjustment or wash account. The second Dr/Cr Memo is processed in Company Payables to move the balance from the adjustment or wash account back onto the invoice.

See Also