Pay an Account Current Statement

To reconcile the statement:

• The Statement Status must have a status of In Progress before you can make changes, corrections, or additions to the statement.
• Review the transactions in the grid list for accuracy.
• Click Filter Offsetting to refresh the grid, hiding invoices that offset one another.

The sort order of the statement is retained, even when using Filter Offsetting or saving a statement.

• Delete any invoices the company is not billing you for, or you choose not to pay.
• Make a determination on payment. You have the option to fully pay or partially pay the invoices, as desired.

During the reconciliation process, your status options are In Progress or Ready to Pay.

• The Ready to Pay status is not available unless at least one statement item has an amount in the Pay Amount (PayAmt) column.
• When creating the statement, if you selected the Set Pay Amounts to Payable Balance and Statement Status option to "Ready to Pay" on the Statement Modifiers form, the statement opens with editing options disabled. To make changes to the statement items, click the In Progress status.

Use this link if the net payable amount is incorrect due to a commission difference.

1. Make sure the item to be corrected is highlighted in the reconciliation grid.
2. Click the Correct Invoices link; make necessary changes to the invoice.
3. Closing the link returns you to the Reconcile Statement section.

Button	What is this?
Pay	The Pay button sets the Pay Amount (PayAmt) equal to the Payable Balance (PayBal) for the highlighted row. If the highlighted row is part of an invoice series, clicking Pay does not pay all rows in the series. Consequently, you can edit any row in the grid regardless if it is part of a series.
Previous Row	Clicking this button moves you to the previous row in the grid. If the first row in the grid is currently highlighted, this button is disabled.
Next Row	Clicking this button moves the focus to the next row in the grid below the row currently highlighted. If the last row in the grid is currently highlighted, this button is disabled.
Pay & Next	This button sets the Pay Amount (PayAmt) equal to the Payable Balance (PayBal) for the highlighted row and moves the highlight focus to the next row in the grid. Use this button to reduce mouse clicks if you are reviewing one grid row at a time by combining the Pay and Next Row actions.
Pay All	Selecting this button sets the Pay Amounts equal to the Payable Balance amounts for every row in the grid.   Rather than selecting each row individually and clicking Pay, click Pay All and then go back and delete items you choose not to pay or adjust the Pay Amounts on select invoices, as needed.
Filter Offsetting	Select this box to hide rows for backed-out invoices and their corresponding offsetting rows. Enabling Filter Offsetting does not prevent the rows from posting to the statement, it merely hides them in the grid to make processing a large number of grid rows easier. Clear the option to re-display all rows. Offset rows occur as a result of voiding or correcting invoices. The Filter Offsetting box only appears if offset rows appear in the grid.

The items displayed in the account current reconciliation grid include invoices:

• That are not already included on another pending account current statement. A pending statement is one that is already created but has not been paid with a check, receipt or journal entry.
• That have a company payable balance (PayBal).
• That meet the selection criteria on the Pay Account Current Modifiers form.

• That the user has access to the business unit on the policy.

The only column available to be changed directly in the grid is the PayAmt (Pay Amount) column. Use the Additional Invoices or Correct Invoices links, referred to earlier in this topic, to make additions or corrections in the reconciliation grid.

Use the up and down-arrow keys on your keyboard to move up and down in the PayAmt column without using the mouse.

 

Column Heading	Meaning	Column Heading	Meaning
Name	Customer Name	LOB/Chg	Line of Business short name for premium rows, Charge code for taxes/fees rows.
CoPol #	The policy number from the Basic Policy Information section of the Policy form. If a CoPol# (Company Pol. #) is entered on a subscription billing, that number appears in this field.	Inv #	Invoice number appears as a link. Click the link to open the invoice in preview mode. Use this feature to print a reminder copy of the invoice to mail to the customer.
WritingCo.	The writing company on the policy.	InvDate	The Invoice Date assigned to the transaction.
Plan	Company Plan	VOID	Displays the word "VOID" if the invoice has been voided.
EffDate	Invoice effective date	InvSeries	The Invoice Series number links billing activities, such as billing corrections or replaced binder billings, with their original invoice. The original invoice number is the Invoice Series number.
Tran	Policy Transaction Code	Binder	"Binder" if this invoice is a binder billing or  "Replace" if this invoice is a replace binder billing.
PayBal	The amount you owe the company. This matches the net payable (NetPay) unless partial payments or adjustments have been previously applied.	Subscript	Displays Y if this policy is a subscription policy, otherwise this column is blank.
PayAmt	Amount to be paid on this statement. Type in the amount to be paid or click Pay or Pay & Next to enter the PayBal amount in this field.	MultiEnt	Displays Y if this policy is a multi-entity policy, otherwise this column is blank.
AgcyGross	Gross amount.	AMS360Pol#	Displays the policy number from the Basic Policy Information section of the Policy form.
Rate	Agency commission rate. If the agency commission is a flat rate, this field is blank.	Exec	Displays last name, first name of the account executive on the policy.
AgcyComm	Commission dollar amount.	Rep	Displays the last name, first name of the account representative on the policy.
NetPay	Net Premium (gross premium minus agency commission).	Broker	Displays the last name, first name of the broker, if any, on the policy.
AR Bal	Accounts receivable balance. For In-Progress statements this is the real-time accounts receivable balance.	Bill Type	Displays ABI for agency bill invoice or DBI for direct bill invoice.
FinCo AR	Finance Company Accounts Receivable balance. For In-Progress statements, this is the real-time Finance Company accounts receivable balance.

 

Installment Invoices for flat cancellations are summarized and the total amount appears on one line of the report.

Selecting this link launches the Check form with the General Information section open.

1. Be sure to select the correct bank account from the Bank field. The Amount field default to the total Pay Amount of the statement.
2. Additional account currents can be added to this check using the Account Current Statement section.
3. Other amounts due the company can also be added to this check via the other sections of this form.

Selecting this link launches the Journal Entry form. Use this option, for example, if you need to write off a small company payable balance to commission income.

Selecting this link launches the Journal Entry form. This link is enabled when the total Pay Amount on the statement is equal to zero.

Even though the statement items total zero, you must create and post a journal entry to close and prevent the items from appearing on future statements.

Selecting this link launches the Receipts form. This option is selected when the total Pay Amount for the statement has a credit balance, and you have a check from the company to apply.