Waiving a Late Charge or an Invoice Small Balance
This feature provides a quick method of adjusting an invoice balance to waive a late charge amount or to write off a small balance on an insured's accounts receivable. The maximum amounts that persons with appropriate security are authorized to write off are set in Agency Setup > Accounting Options.
Late charge amounts are posted to GL account #41210 - Late Charges Waived and small balance amounts are posted to GL account #41220 - Small Balances Waived.
There are two places you can access the form to waive a late charge or a small balance.
Customer Register
- Access the Customer Center, and then select Views > Register.
- Select and expand the policy you want to edit by clicking anywhere on the policy row except the policy link or by clicking the Expand All option and scrolling to the desired row.
- Click the Waive Late Charge or Invoice Small Balance icon in the Actions column.
- The Waive Late Charge/Inv Small Balance form opens with the appropriate information defaulted into the section(s) displayed.
The amount of any late charge remaining on the invoice defaults into the Waive Late Charge section. The amount can be changed.
Any Invoice Small Balance amount that does not exceed the Agency Small Balance Threshold defaults into the Small Balance section. The amount can be changed. - Be sure to review the amounts automatically prefilled by the system before posting. For example, if an invoice has a late charge and a small balance and your intention is to waive only the late charge, you should zero out the defaulted small balance amount before posting.
- Click the Post icon.
Receipts Button in the Customer Register
- When applying a receipt using the receipt action button in the Customer Register, if the receipt amount is less than the full invoice balance by an amount within the Small Balance Threshold in Agency Setup or the customer did not include payment for a late charge amount, click Edit on the accounts receivable section menu to view the Waive Late Charge and Small Balance area.
- Select the appropriate check box, Late Charge or Small Balance or both, to indicate if a journal entry should be applied to clear the defaulted amounts.
- Complete the receipt entry and post as usual.