Receipt

The Receipt form allows you to enter money received from various sources and apply those monies to the appropriate general ledger accounts. Receipts, which are posted individually in the centers, are then gathered into a deposit in the Bank Center and are sorted and posted by individual bank account.

  1. In the Bank Center open the bank account where the receipts are to be deposited.
  2. On the Actions menu, click (New)Receipt.

Enter the following information in the Receipt form.

Received From

If the bank account is designated as an Operating account in Bank Setup, the form opens with focus on the Received From field.

If the bank account is designated as a Trust account in Bank Setup, the Received From fields defaults to Insured and the focus is on the Name field. You can change the Received From type.

Select the appropriate type from the drop-down list.  

  • Broker
  • Brokerage Company
  • Employee
  • Fee Company
  • Finance Company
  • Insurance Company
  • Insured
  • Insured - DB Deposit
  • Other (for one-time deposits of receipts from payees not entered in AMS360)
  • Vendor

Name

If Received From is Insured:

  1. Enter a few letters of the name then press Enter to open the Customer Search form (or click the Search link).

  2. Search for and select the desired account. Press Enter or click Select to close the Customer Search form. On the Receipt form, the Insured Accounts Receivable voucher section is expanded.

If Received From is other than Insured:

The Name list is populated with active selections of the selected type. Open the drop-down list to make a selection.  (You can also type the first letter of the name to load the first selection in the list beginning with that letter).

Once you navigate away from the Name field, the receipt voucher types available for the selected Received From type are loaded into the form.

Receipt Type

The receipt type defaults as Check. Select another type, if appropriate.

Bank #

Type the bank routing number (optional). The Bank #  field is unavailable if the receipt type is other than Check.

Check #

Type the customer's check number. The Check # field is unavailable if the receipt type is other than Check.

Description

The Description defaults as Check Payment - [Check #] for check receipts. This description populates certain voucher sections, but is always available to be changed.

Amount

Type the total amount of the receipt.

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.

Depending on which center you are working in when you decide a receipt should be entered, you may be able to generate the appropriate receipt without opening the Bank Center.

The following sections show examples of types of receipts and the system location where they are commonly created.

If you have security to access the Bank Center, receipts of all types can be entered there. See Bank Center Receipts earlier in this topic for more information. Security access allows you to restrict posting or voiding a receipt to a past date. For more information see Security Group Setup.

Following are examples of receipt types if the payor is Agency & Broker's Customers.

The payment is for...Access the receipt form from the ...
  

Agency Bill Invoices

Customer Center

  1. Open the customer in the Customer Center.

  2. Click New Receipt (or select New > Receipt from the Actions sidebar menu). The Receipt for Customer form opens.

  3. Open the...

  • Insured Accounts Receivable section to apply Agency Bill invoices.
  • Direct Bill Deposit section for payments on Direct Bill policies.
  • Other GL Accounts section for miscellaneous payments.
  • Customer Register

  1. Select the policy header row containing the invoice to be receipted.

  2. Click Receipt.

  3. The Receipt for Customer form opens with the selected invoice amount defaulted as the receipt amount.

Direct Bill applications and payments for existing direct bill policies

Any other receipts for Customer Accounts Receivable items

Following are examples of receipt types if the payor is a Broker.

The payment is for...Access the receipt form from the ...

Payments received from a broker made on behalf of their Customer.

  1. Select the broker you want to edit in the Broker Center.

  2. Select Actions > New > Receipt from the sidebar. The Receipt for Broker form opens.

  3. Depending upon the payment type, select one of the sections below:

    • Broker Accounts Receivable section for payments from Brokers on behalf of their insureds.
    • Other GL Accounts section for miscellaneous payments.
    • Direct Bill Deposit section for Direct Bill policies.
 

You can now receipt a broker's direct bill payment to more than one customer.

Direct Bill applications and payments for existing direct bill policies.

Any other payments received from brokers for Miscellaneous reasons, such as reimbursement of membership fees, etc.

Following are examples of receipt types if the payor is a Finance Company.

The payment is for...

Access the receipt form from the ...

Payment received from finance companies for Broker's Accounts Receivable.

  1. Select the company you want to edit in the Company Center.

  2. Select New > Receipt from the Actions sidebar menu. The Receipt for Company form opens.

  3. Depending upon the payment type, select one of the sections below:

    • Broker Accounts Receivable section for payments from a Finance Company paid on behalf of a broker's customers.
    • Finance Accounts Receivable section on behalf of the customer(s) they provided financing for.
    • Direct Bill Deposit section for Direct Bill policies.
 

You can now receipt a broker's direct bill payment to more than one customer.

Payments received from finance companies for Finance Company Receivables

Direct Bill applications and payments for existing direct bill policies.

Following are examples of receipt types if the payor is an Insurance & Brokerage Company Agency Bill & Direct Bill.

The payment is for...

Access the receipt form from the ...

Net Return Premium payments received from companies on agency bill invoices or statements.

  1. Build an Account Current Statement containing the same invoices/pay amounts as the company statement, only this statement will have a credit balance.
  2. Apply the check using the Create a Receipt to Clear a Credit Balance Statement option in the Pay Statement section of the Pay Account Current Statement form.
  3. Select the insurance or brokerage company you want to edit in the Company Center. Select New > Receipt from the Actions sidebar menu. The Receipt for Company form opens. Depending upon the payment type, select one of the sections below:
  • Account Current Statement
  • Insured Accounts Receivable
  • Broker Accounts Receivable
  • Finance Accounts Receivable
  • Direct Bill Commission Receivables section if you create Direct Bill Statements for this company.
  • Direct Bill Commission Income section if you post commissions directly to the commission income account without entering or reconciling direct bill items for this company.
  • Other GL Accounts section for bonus or contingency commissions, and apply receipt to appropriate income account
  • Direct Bill Deposit
 

You can now receipt a brokerage or insurance company's direct bill payment to more than one insured.

Direct Bill applications and payments for existing direct bill policies.

Direct Bill Commissions received from insurance or brokerage companies.

Contingency or Performance Bonus payments received from companies.

Any Other payment received.

Following are examples of receipt types if the payor is Fee Companies.

The payment is for...Access the receipt form from the ...

Payments received from Fee Companies for returned fees.

  1. Build an Account Current Statement containing the same invoices/pay amounts as the fee company statement/receipt. This statement will have a credit balance.
  2. Apply the check using the Create a Receipt to Clear a Credit Balance Statement option in the Pay Statement section of the Pay Account Current Statement form.
  3. Select the Fee company you want to edit in the Company Center. Select New > Receipt from the Actions sidebar menu. The Receipt for Company form opens. Depending upon the payment type, select one of the following sections:
  • Account Current Statement
  • Insured Accounts Receivable
  • Broker Accounts Receivable
  • Finance Accounts Receivable
  • Other GL Account

Following are examples of receipt types if the payor is an Employee.

The payment is for...Access the receipt form from the ...

Reimbursement payment received from Employees for salary, expense or commission advances.

  1. Select the employee you want to edit in the Employee Center.
  2. Select New > Receipt from the Actions sidebar menu. The Receipt for Employee form opens.
  3. Depending upon the payment type, select one of the sections below:
  • Insured Accounts Receivable
  • Employee Expenses & Reimbursements section for reimbursements of previous advances.
  • Other GL Accounts section for miscellaneous payments.
  • Direct Bill Deposit for direct bill policies
 

You can now receipt an employee direct bill payment to more than one insured.

Direct Bill applications and payments for existing direct bill policies.

Any Miscellaneous payment received from an employee.

Following are examples of receipt types if the payor is the Vendor Center.

The payment is for...Access the receipt form from the ...

Refunds received from Vendors.

  1. Select the vendor you want to edit in the Vendor Center.
  2. Select New > Receipt from the Actions sidebar menu. The Receipt for Vendor form opens.
  3. Open the Other GL Accounts section.

Receipt Information

Voucher Sections

When you post a receipt, the Receipt Amount posts as a debit (increase) to the GL #11170000 Bank Holding account. Then, when the receipt is included on a Bank Deposit and posted, GL account #11170000 is credited (decrease) and the appropriate GL bank account is debited (increase).

To Post, or Cancel a receipt, click the File menu and make your selection or click the appropriate icon:

Post and New: Posts the current receipt and then displays a blank Receipt form to facilitate entering another receipt. This option is only available when entering receipts in the Bank Center.

Post: Posts to the general ledger and closes the Receipt form.

Post and Print: Posts the receipt and prints the receipt for the customer. This option is only available when Received From = Insured.

Cancel: Cancels the check action, and returns you to your point of origin.

What's Next?

Do you have all of your receipts posted for the day? See Bank Deposit for information on gathering receipts into a deposit for the bank.