Receipt - Voucher Sections

The Receipt form can be accessed from many places throughout AMS360. Where you are when you access a receipt form controls what voucher sections are displayed and what choices you have about where the receipt posts in the general ledger. Access the Receipt form as described in Receipt.

Each type of receipt has its own combination of the voucher sections listed below, and each section may appear in one or more receipt types.

Vouchers may be debit or credit amounts as long as their combined totals equal the amount of the receipt entered in the Receipt Information section. The status of the voucher postings is indicated by the Remaining to Apply field in the Receipt Information section.

If you have security authorization for New Receipts and Interdivision Accounting you can post receipts to a bank and invoices in different divisions on the same receipt. For more information see Workflow: Setting Up and Using Interdivision Accounting for Customer, Broker, and Finance Company Cash Receipts.

The Account Current Statement section is available to apply monies received from Insurance, Brokerage, or Fee companies.

When you open this section, the grid contains all Ready to Pay account current statements for the company defined in the Name field in the Receipt Information section. In addition, the account current must match the division assigned to the bank where you are depositing the check.

The following buttons and check box are available.

Select All,

Clear All

Selects/clears the Pay check box for all account current statements in the grid.

Display all Statements

When you select the Display all Statements check box, all account current statements for companies matching the bank division and the Received From type appear in the grid list. Received From types are:

  • Insurance Company
  • Brokerage Company
  • Fee Company

Because many companies are merging today, this feature gives you the ability to gather two or more statements for different companies onto one receipt.

You cannot change any of the fields in the account current grid. If the amount is not correct, you must go back to the account current, change the Status to In Progress, and reconcile the invoices on the statement to match the amount of the company check.

Division

The division selected when you created the account current.

Date

The Statement Date when you created the account current statement.

Name

The name of the insurance, brokerage, or fee company.

Identifier

The Statement Description when you created the account current statement.

Status

The current status of the Account Current. It will always be Ready to Pay.

Payable Balance

The total debit (negative) unpaid balance of all invoices on the Account Current.

Pay Amount

The total amount to receipt against this account current. It defaults from the Payable Balance and cannot be changed.

 

If you need to change the amount, open the account current and reconcile the invoices to match the check from the company.

By default, the Insured Accounts Receivable section displays all of the customer's open invoice balances not equal to zero.

Prior to posting, if an entry is made in error, or needs to be corrected, select the transaction, and click Edit. Correct the entry or to delete, bring the amount of the entry to zero (0.00). Zero amount voucher lines do not post.

At the time of the cash receipt, a time-saving feature of AMS360 allows you the option to Waive Late Charges and Small Balances.

Enter the following information in the Broker Accounts Receivable section.

New Receipt Accessed From

Customer Center:

  1. When New Receipt is selected from the Customer Center, the customer is pre-selected.

  2. All open (non-zero balance) invoices (brokered and non-brokered policies) for this customer fill the receivable table. Subsequently, receipts are posted to account #11211000 or #11221000, as applicable.

Company or Employee Center:

  1. When New Receipt is selected from the Company or Employee Center, select the customer by clicking on the Search link.

  2. All open (non-zero balance) invoices (brokered and non-brokered policies), for this customer fill the receivable table. Subsequently, receipts are posted to account #11211000 or #11221000, as applicable.

Non-Zero Balance Items Only

At any time, if you wish to change the invoice selection criteria, choose one of the options below.

When using these options to re-select invoices, select the desired option and click the Get Data button to retrieve the invoices.

  • Non-Zero Balance Items Only: Select this option to get only those invoices with a positive or negative invoice balance. Zero balance invoices are ignored.
  • All Invoices Since: Select this option and a specific date to get all invoices (zero and non-zero) having an Invoice Date equal to or greater than the date selected. Select the date by typing in the field, or using the Date Picker.

All Invoices Since

Sort

The table's default sort is by policy # and then by invoice #. To help you find the invoices quicker, you can sort and filter the invoices in the table.

For more information see Tables in Data Entry Forms in Getting Started.

Posting the direct bill commission check from your insurance/brokerage company directly to income assumes you do not invoice your direct bill business and do not require statistical information at the policy level. When the commission check is received, post it directly to income (normally a credit).

Prior to posting, if an entry is made in error or needs to be corrected, select the transaction and click the Edit link. Correct the entry or to delete, bring the amount of the entry to zero (0.00). Zero amount voucher lines do not post.

GL #

Select the appropriate general ledger number from the table and click Edit, or click New and select from the list in the GL # field. The GL numbers available in this section are:

  • 40121000 - Property & Casualty DB Comm Income - Insurance Companies
  • 40221000 - Life & Health DB Comm Income - Insurance Companies
  • 40321000 - Other DB Comm Income - Insurance Companies
  • 40421000 - Financial Services DB Comm Income - Insurance Companies
 

Use the Other GL Accounts voucher section to post DB Commission Income received from brokerage companies (40122000, 40222000, 40322000, and 40422000).

Amount

Type the amount of the company's direct bill commission payment to your agency.

GL Department

Because the accounts in this section are income accounts, you must select a Department. Using the list, select the correct department for this transaction.

You can apply the receipt by typing directly in the voucher table, or selecting the invoice and clicking Edit.

An option is also available in Agency Setup > Accounting Options to Automatically Apply Receipts to Oldest Invoices. See example.

Amount

 Type the amount of money to be applied.

Description

 Type a description for the transaction. This field pre-fills with default descriptions, based on the Receipt Type selected in the Receipt Information section. This can be changed, if desired.

Waive

If you wish to waive a late charge or small balance, you must select the voucher and click Edit. Select the "Late Charge for this Invoice and/or the Small Balance for this Invoice" check box, as appropriate.

Late Change for this Invoice

  • If a late charge exists on this invoice, the check box is enabled, and an amount appears in the Amount field. Check the box to waive the late charge.
  • If a late charge does not exist for this invoice, the check box is disabled and the amount field displays 0.00.

Small Balance for this Invoice

The amount displayed in the Small Balance for this Invoice field calculates based on the invoice balance minus the receipt amount and the late charges, if they exist.

  • If a small balance exists on the invoice, and it is less than or equal to the Small Balance Threshold in Agency Setup, the amount is displayed and the check box is enabled. Select the box to waive the small balance.
  • If a small balance exists on the invoice, and it is greater than the Small Balance Threshold in Agency Setup, the amount is displayed, but the check box is disabled.
  • If there is no small balance on the invoice, 0.00 is displayed in the amount field, and the check box is disabled.

By default, the Broker's Accounts Receivable section displays all of the broker's open invoice balances, sorted by customer.

Prior to posting, if an entry is made in error, or needs to be corrected, select the transaction, and click Edit. Correct the entry or to delete, bring the Amount of the entry to zero (0.00). Zero amount voucher lines do not post.

At the time of the cash receipt, a time-saving feature of AMS360 allows you the option to Waive Late Charges or Small Balances

Enter the following information in the Broker Accounts Receivable section.

New Receipt Accessed From

Broker Center: By default, if receipts are accessed through the Broker Center.

  1. Open the Broker Accounts Receivable section, if not already open. The broker is pre-selected.

  2. All open (non-zero balance) invoices (brokered policies only), sorted by customer, fill the receivable table.

  3. Subsequently, receipts are posted to account #11221000.

Company Center: By default, if receipts are accessed through the Company Center.

  1. Open the Broker Accounts Receivable section, if not already open.

  2. Select the broker from the Broker drop-down list.

  3. All open (non-zero balance) invoices (brokered policies only), sorted by customer, fill the receivable table.

  4. Subsequently, receipts are posted to account #11221000.

Non-Zero Balance Items Only

At any time, if you wish to change the invoice selection criteria, choose one of the options below. When using these options to re-select invoices, click the desired option and click Get Data to retrieve the invoices.

  • Non-Zero Balance Items Only: Select this option to get only those invoices with a positive or negative invoice balance. Zero balance invoices are ignored.
  • All Invoices Since: Select this option and a specific date to get all invoices (zero and non-zero) having an Invoice Date equal to or greater than the date selected. Select the date by typing in the field, or using the Date Picker.

All Invoices Since

Sort

The table's default sort is by customer, by policy #, and then by invoice #. To help you locate the invoices quicker, you can use the sort, and filter capabilities of the table.

For more information on sorting and filtering, see Grid in AMS360, in Getting Started.

To apply money on account, click Add on Account. These monies post to GL account #11221000000 (Broker Accounts Receivable).

Amount

Type the Amount of money to apply on account.

Description

Type a Description for the on account transaction. This field pre-fills with default descriptions, based on the Receipt Type selected in the Receipt Information section. This can be changed, if desired.

Customer

Select the customer by clicking the Search link. This takes you to the Customer Search form where you can make your selection.

To apply money at the broker level, leave the Customer field blank.

 

If a customer is selected in error, select it and press Delete on your keyboard.

Policy

To apply money to a broker's customer at the policy level, select a policy from the list. Only policies belonging to the customer selected above, appear in this list.

To apply money at the broker's customer account level, leave the Policy field blank.

 

If a policy is selected in error, select it and press Delete on your keyboard.

You can apply the receipt by typing directly in the voucher table, or selecting the invoice and clicking Edit.

An option is also available in Agency Setup > Accounting Options to Automatically Apply Receipts to Oldest Invoices. See example.

Amount

 Type the voucher amount for this part of the receipt.

Description

 Type a description for the transaction. This field pre-fills with default descriptions, based on the Receipt Type selected in the Receipt Information section. This can be changed, if desired.

Waive

If you wish to waive a late charge or small balance, you must select the voucher, and click Edit. Select the "Late Charge for this Invoice" and/or the "Small Balance for this Invoice" check box, as appropriate.

Late Charge for this Invoice

  • If a late charge exists on this invoice, the check box is enabled and an amount appears in the Amount field. Select the box to waive the late charge.
  • If a late charge does not exist for this invoice, the check box is disabled and the amount field displays 0.00.

Small Balance for this Invoice

The amount displayed in the Small Balance for this Invoice field calculates based on the invoice balance, minus the receipt amount and the late charges, if they exist.

  • If a small balance exists on the invoice, and it is less than or equal to the Small Balance Threshold in Agency Setup, the amount is displayed and the check box is enabled. Select the box to waive the small balance.
  • If a small balance exists on the invoice, and it is greater than the Small Balance Threshold in Agency Setup, the amount is displayed, but the check box is disabled.
  • If there is no small balance on the invoice, 0.00 displays in the amount field, and the check box is disabled.

By default, the Finance Accounts Receivable section displays all of the finance company's open invoice balances, sorted by customer.

Prior to posting, if an entry is made in error, or needs to be corrected, select the transaction, and click on the Edit link. Correct the entry or to delete, bring the Amount of the entry to zero (0.00). Zero amount voucher lines do not post.

At the time of the cash receipt, a time-saving feature of AMS360 allows you the option to waive late charges and small balances.

Enter the following information in the Finance Accounts Receivable Receivable section.

New Receipt Accessed From

By default, if receipts are accessed through the Company Center:

  1. Open the Finance Accounts Receivable section, if not already open.

  2. Select the finance company, from the Company drop-down list.

  3. All open (non-zero balance) invoices (brokered and non-brokered), sorted by customer, fill the receivable table. Only the finance portion of the invoice appears.

  4. Receipts applied in this voucher  post to general ledger account #11231000 - Accounts Receivable - Finance Companies.

Non-Zero Balance Items Only

At any time, if you wish to change the invoice selection criteria, choose one of the options below. When using these options to re-select invoices, select the desired option and click Get Data to retrieve the invoices.

  • Non-Zero Balance Items Only: Select this option to get only those invoices with a positive or negative invoice balance. Zero balance invoices are ignored.
  • All Invoices Since: Select this option and a specific date, to get all invoices (zero and non-zero), having an Invoice Date equal to or greater than the date selected.

All Invoices Since

Sort

The table's default sort is by customer, by policy #, and then by invoice #. To help you find the invoices quicker, you can sort, and filter the invoices in the table.

For more information, see Grids in AMS360.

To apply money on account, click Add on Account. All monies post to GL account #11231000 (Finance Company Receivables).

Amount

Type the amount of money to apply on account.

Description

Type a description for the on account transaction. This field pre-fills with default descriptions, based on the Receipt Type selected in the Receipt Information section. This can be changed, if desired.

Customer

Select the customer by clicking Search. This takes you to the Customer Search form where you can make your selection.

 

If a customer is selected in error, select it and click the Delete key on your keyboard.

Policy

To apply money to a customer at the policy level, select a policy from the list. Only policies belonging to the customer selected above appear in this list.

To apply money at the customer account level, leave the Policy field blank.

 

If a policy is selected in error, click the Delete key on your keyboard.

You can apply the receipt by typing directly in the voucher table, or selecting the invoice and clicking Edit.

Amount

 Type the voucher amount for this part of the receipt.

Description

 Type a description for the transaction. This field pre-fills with default descriptions , based on the Receipt Type selected in the Receipt Information section. This can be changed, if desired.

Waive

If you wish to waive a late charge or small balance, you must select the voucher, and click Edit. Select the "Late Charge for this Invoice" and/or the "Small Balance for this Invoice" check box, as appropriate.

Late Charge for this Invoice

  • If a late charge exists on this invoice, the check box is enabled and an amount appears in the Amount field. Select the box to waive the late charge.
  • If a late charge does not exist for this invoice, the check box is disabled and the amount field displays 0.00.

Small Balance for this Invoice

The amount displayed in the Small Balance for this Invoice field calculates based on the invoice balance minus the receipt amount and the late charges, if they exist.

  • If a small balance exists on the invoice, and it is less than or equal to the Small Balance Threshold in Agency Setup, the amount is displayed and the check box is enabled. Select the box to waive the small balance.
  • If a small balance exists on the invoice, and it is greater than the Small Balance Threshold in Agency Setup, the amount is displayed, but the check box is disabled.
  • If there is no small balance on the invoice, 0.00 is displayed in the amount field, and the check box is disabled.

Use the Direct Bill Deposit section, to enter receipts from brokers, broker customers, insureds, finance, insurance or brokerage companies, and employees for monies received for a direct bill policy or application.

These monies are posted to general ledger account #21121000-DB Deposits Payable Ins. Co, #21122000-DB Deposits Payable Brokerage Co, or 21125000-DB Deposits Payable Finance Companies and then are paid out to the company using the Direct Bill Deposit section of the check form.

Example: A broker, broker's customer, or insured should pay the insurance, or finance company directly, for the direct bill policy premium. Instead, they send the money to your agency. You need to hold these funds in trust until payment is made to the appropriate party.

Customer

This field appears only when entering a receipt from a:

  • Broker
  • Insurance Company
  • Brokerage Company
  • Finance Company
  • Employee

This enables you to split the payment between one or more insureds.

Select the appropriate customer by clicking Search. This takes you to the Customer Search form. Find the customer and click Select.

Amount

Enter the amount of the Direct Bill Deposit.

Description

Depending on the type of payment (cash, check, etc) there is a default description. This can be changed.

Insurance Co

If the funds should be held in trust for an Insurance Company, select the appropriate company from the list.

 

Only one insurance/brokerage or finance company can be selected.

Finance Co

If the funds should be held in trust for a Finance Company, select the appropriate company from the list.

 

Only one insurance/brokerage or finance company can be selected.

Brokerage Co

If the funds should be held in trust for a Brokerage Company select the appropriate company from the list.

 

Only one insurance/brokerage or finance company can be selected.

When posting a receipt for a customer to the Direct Bill Deposit section of the Receipts form you receive the following message:

Do you want to create a check to forward this Direct Bill deposit money immediately to the company?

  • Click Yes to open the Direct Bill Deposit Check form for the company selected in the receipt. The amount of the receipt defaults into the General Information and the voucher section of the check. Click Post and Print.
  • Click No on this message if you do not wish to immediately create the check to the company for this receipt. See Checks for information about issuing a check outside of the Receipt workflow.

Whether you bill your direct bill business by invoicing it or posting it through the direct bill statement, AMS360 posts the commission due your agency (normally a debit), to general ledger account #11241000 (DB Comm Receivable - Insurance Companies) or 11242000 (DB Comm Receivable - Brokerage Companies).

Subsequently, you need to post the commission check (receipt) from the insurance company to account #11241, or #11242000 (normally a credit) via the Direct Bill Commission Receivables section of the receipt.

Prior to posting, if an entry is made in error, or needs to be corrected, select the transaction, and click the Edit. Correct the entry or to delete, bring the Amount of the entry to zero (0.00). Zero amount voucher lines do not post.

Type the amount of the company's direct bill commission payment to your agency in the Amount field.

Posting the direct bill commission check from your insurance/brokerage company directly to income assumes you do not invoice your direct bill business and do not require statistical information at the policy level. When the commission check is received, post it directly to income (normally a credit).

Prior to posting, if an entry is made in error, or needs to be corrected, select the transaction, and click he Edit. Correct the entry or to delete, bring the Amount of the entry to zero (0.00). Zero amount voucher lines do not post.

GL #

Select the appropriate general ledger number from the table and click Edit, or click New and select from the list in the GL # field. The GL numbers available in this section are:

  • 40121000 - Property & Casualty DB Comm Income - Insurance Companies
  • 40221000 - Life & Health DB Comm Income - Insurance Companies
  • 40321000 - Other DB Comm Income - Insurance Companies
  • 40421000 - Financial Services DB Comm Income - Insurance Companies
 

Use the Other GL Accounts voucher section to post DB Commission Income received from brokerage companies (40122000, 40222000, 40322000, and 40422000).

Amount

Type the amount of the company's direct bill commission payment to your agency.

GL Department

Because the accounts in this section are income accounts, you must select a Department. Using the list, select the correct department for this transaction.

Use this section to receipt any payments received that you want to use to reduce administrative salary expenses. To access the Administrative Salaries section:

  1. Select the payee (employee) of the receipt from the Employee Center.
  2. Select New > Receipt from the Actions menu in the sidebar.
  3. Open the Administrative Salaries section, and then enter the following information.

GL #

Select the appropriate general ledger number from the table and click Edit, or click New and select from the list in the GL # field. The default GL numbers available in this section are:

  • 61100000 - Executive Salaries
  • 61200000 - Office Salaries
  • 61300000 - Other Salaries
 

The system defaults any general ledger account numbered between 61000000 and 62000000 into this grid. If you need additional accounts to default for data entry, be sure they are added in Chart of Accounts Setup between this number range.

Amount

Type the amount of the payment to your agency.

Description

The default description for this receipt is "Adjusting JE." This can be changed if desired.

Department

Because the accounts in this section are expense accounts, you must select a Department. Using the list, select the correct department for this transaction.

Use the Employee Expenses and Reimbursements section to record an expense or reimbursement transaction for an employee to general ledger account #21160000. This account is subledgered by employee.

Example: Let's say you are receipting a reimbursement check from your telephone company, and a portion of it belongs to your employee.

The portion of the reimbursement belonging to the agency is posted directly to the telephone expense account as a credit. The employee's portion of the reimbursement is posted as a credit to account #21160000 - Employee Expenses and Reimbursements.

When the reimbursement is paid to the employee, account #21160000 is debited, clearing this transaction.

Amount

This is the amount of money you wish to charge or reimburse your employee.

Description

This is the Description of the charge or reimbursement to your employee. "Adjusting JE" defaults but can be changed.

1099

If this is a 1099 charge or reimbursement, select the appropriate 1099 Category and Type. Questions should be directed to your agency accountant.

If the employee is setup with a 1099 default, this information automatically pulls to the Employee Expenses and Reimbursements, 1099 section.

If this is not a 1099 charge or reimbursement transaction, delete the Category, and Type information.

The Other GL Accounts section is available to apply monies received to other general ledger accounts, which are not available through the other receipt sections.

GL #

Select the GL # you wish to apply the money to.

Amount

Type the Amount to apply. This field defaults to the amount Remaining to Apply found in the Receipt Information section. This can be changed.

Description

Type a Description for the transaction. A default description pulls to the field, based on the Receipt Type in the Receipt Information section. This can be changed.

Division

The Division assigned to the selected bank. This cannot be changed.

GL Department

Choose the appropriate GL Department for your transaction.

  • The list includes all Active departments for the bank's division.
  • The GL Department is available and required only if the GL # selected, is equal to or greater than 40000000. The accounts in this category are income & expense accounts. Otherwise, this field is inactive.

1099

If this is a 1099 expense reimbursement, select the appropriate 1099 Category and Type. If this is not a 1099 reimbursement transaction, delete the Category and Type information, if necessary.

Questions as to whether this is a qualified 1099 expense should be directed to your agency accountant.

Category and Type: These fields are available when doing a Broker, Company, Employee, or Vendor receipt. If the Broker, Employee, or Vendor is setup with a 1099 default, this information automatically pulls to the 1099 Category, and Type information. If necessary, this can be changed.

GL # Required Fields

The GL # Required Fields drop-down lists are subledger entities (customer, broker, insurance company brokerage company, etc.).

Depending upon the GL # selected, the account may require a subledger entity be chosen. If the account is subledgered, its subledger entity is active.

What's Next?

Do you want to enter additional information in the Receipt data entry form? See Receipt for more information.

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