INS.POST Page

Use the INS.POST page to:

  • Identify the accounting method used in your agency (Accrual, Accounts Receivable Cash, Accounts Payable Cash.)

  • Indicate the system's Mandatory Accounts, and whether or not they are departmentalized.

  • Determine if invoices print immediately or in batch mode.

  • Determine if journal entries post immediately or during an update process.

  • Indicate the late charge method, overdue days, and minimum late charge amount.

How to access this page

To access the INS.POST page:

  1. On the Sagitta Home Page , click Other > Maintenance.

  2. Select Accounting > INS.POST.

Field Entries

Division Number - the division number for which you are creating the ACF record file. You can use the Lookup icon to search for a valid division number.

Accounting Type - the accounting method used in your agency, based upon the method the agency uses to recognize income. Use the drop-down menu to select one of the following options.

  • APCASH - Accounts Payable Cash - select this option if you recognize income when the company is paid.

  • ARCASH - Accounts Receivable Cash - select this option if you recognize income when the client pays the agency.

  • ACCRUAL - Accrual Method - select this option if you recognize income when you invoice the policy.

For each of the following fields, enter the general ledger account number used for automatic posting to the account. Refer to the General Ledger Chart of Accounts to obtain the account number used in your agency.

  • A/R G/L Number (Prem Payable)* -

  • Unearned Premiums G/L Number

  • Insurer Payables G/L Number        

  • Producer Payables G/L Number      

  • Producer Expense G/L Number      

  • Broker Expense G/L Number      

  • Vendor A/P G/L Number      

  • Interdivisional Transfer Acct

  • Late Charges G/L Number    

You must, for each of the account types listed above, select a Departmentalized option.

  • Select Yes from the drop-down list if the system should read the department number from the invoice.

  • Select No if the system should ignore the department number on the invoice.

Sales Report Major Account Number for:

In this section you must enter the major account number used in sales reports to report Agency Bill and Company Bill income. Enter the appropriate account number for each of these fields.

Agency Bill - New Income, Renewal Income, Other Income        

Company Bill - New Income, Renewal Income, Other Income

For each of the following three fields, select Yes from the drop-down list if you want immediate printing. Select No if you want to print in a batch process.

  • Instant Invoice Print?   

  • Instant A/R Check Print?   

  • Instant A/P Check Print?   

Print Division Info on Checks? - Yes or No option for printing the division name and address on checks. If you select Y - Yes, the check print includes the division name and address, as indicated on the Division Master Maintenance page.

For each of the following two fields, select Yes from the drop down list if you want to update the entries to the general ledger immediately. Select No if you want to update in a batch process.

  • Instant Journal Entry Update?   

  • Instant Budget Entry Update?   

Allow Year End A/R Journal Entry Adjustments? - Yes or No option for allowing year-end adjustments to customers' accounts. Use the drop-down list to select one of the two options.

Allow Year End Accrual Journal Entries? - Yes or No option for allowing accrual journal entries as part of year-end processing. Use the drop-down list to select one of the two options.

A/P Conversion Flag? - Yes or No option for allowing manual entry of Accounts Payable conversion balances. Use the drop-down menu to select one of the two options.

If you select Yes in this field, you can override the system safeguards for Accounts Payable.

 

Change Installment NEW/REN transactions to INS? - Yes or No option for converting the transaction code to INS for all future installments on an installment schedule. Use the drop down menu to select one of the two options.

If you select Yes in this field, INS appears as the transaction code for all future installments. If you select No, all future installments have the same transaction code as the first installment.

Create Agency Bill Producer Payables? - Yes or No option to create producer payable records for agency bill invoices. Use the drop down menu to select one of the two options.

In order to create producer payables, the Vendor Code flag for the producer, "Create Agency Bill Producer Payables," must also be set to Yes.

Method of Late Charging - the method used by the division for assessing late charges for overdue amounts. Use the drop down menu to select one of these three options.

  • 0 - for cash divisions or a division that does not assess late charges.

  • 1 - to assess late charges for overdue debit receivables. If you select this option, the system does not deduct open credit items from the overdue debit receivable before applying a late charge.

  • 2 - to create a separate late charge invoice for the total overdue debit amount for each BillTo code. The system deducts open credit items and previously applied late charges from the debit balance before applying late charges.

Overdue Days - the number of days after the receivable due date that the system applies an overdue debit receivable. This field pre-fills to the Late Charge Print & Update program, and the system uses it to pre-fill the Receivables Due Date.

Minimum Late Charge Amount - the lowest dollar amount for which you want to generate late charges. Enter the amount in dollars and cents format. The system will not assess late charges against any specific open receivable if the amount to be charged is less than the amount entered in this field.

Prod I/G Rel Flag -  Group or Individual option to indicate releasing payable to producers on a group or individual basis for multi-bill invoices. Use the drop-down list to select one of the two valid options.   

Payee I/G Rel Flag - Group or Individual option to indicate releasing company payables on a group or individual basis. Use the drop-down list to select one of the two valid options.     

Modules Allowed to Post to Expired Periods - indicates the financial modules to which you can post to expired Periods. Use the drop-down list to choose these options.

AP - Accounts Payable

AR - Accounts Receivable

FM - Financial Management

FI  - Financing  

Allow Access to C/B Invoice Entry Date? - Yes or No option to allow system access to the company bill invoice entry date. Use the drop-down list to select one of the two valid entries.

Net Bill Broker Option - Policy Premium or Agency Commission option to indicate how to calculate the commission amount retained by the Net Bill Broker..

  • Select Policy Premium from the drop-down list if you want to calculate the Net Bill Broker commission as a percentage of the policy premium.

  • Select Agency Commission if you want to calculate the Net Bill Broker commission as a percentage of the agency's commission. C is the default value for this option, but you can change this value at any time.

    The option you select in the Net Bill Broker Option field defaults to the Invoices to Clients Page - Multi Tab.

Company Bill Reconciliation Information Section

C/B Reconciliation Flag? - Yes or No option for using direct (company) bill commission reconciliation.

  • Select Yes from the drop-down list if your agency uses Direct Bill Commission Reconciliation.

  • Select No if your agency does not use Direct Bill Commission Reconciliation.

Before you can create Company Bill Insurer Receivables, you must set the Create Company Bill Reconciliation flag in Division Master Maintenance for each department you want to reconcile, and set Create Company Bill Receivables for the payee in the Vendor file to Yes.

 

C/B Accounting Method - the Company Bill Accounting Method. Use the drop-down list to choose one of these two options.

  • Accrual
  • Cash

Departmentalized? - Yes or No option for posting by department.

  • Select Yes from the drop-down list if the system should read the department number from the invoice.
  • Select No if the system should ignore the department number on the invoice and post to Department 00.

C/B Commissions-A/R G/L # - the Accounts Receivable general ledger account number used for posting Company Bill commissions. If you recognize direct (company) bill income on a cash basis, enter the Company Bill Commission Income general ledger number. If you recognize direct bill income on an accrual basis, enter the Direct Bill income general ledger number. Refer to the General Ledger Chart of Accounts to obtain the account number used in your agency.

C/B Unearned Premiums G/L #  - the general ledger account number used for posting Company Bill Unearned Premiums. Refer to the General Ledger Chart of Accounts to obtain the account number used in your agency.  

Producer Reconciliation Information Section

C/B Producer Reconcil. Flag? - Yes or No option for creating a company payable when using Direct Bill Reconciliation.

  • Select Yes from the drop-down list if you want to pay producer commission for Company Bill business through the Producer Payable Process.

Before you can create Company Bill producer payables for a producer, you must set Create Company Bill Producer Reconciliation to Yes in the Vendors file.

  • Select No if you do not want to create producer payables for company bill business.

You can select No and still include company bill producer commissions on production reports by using the Producer Code when you invoice a company bill policy.

Non-reconciliation Invoice # ? -Yes or No option for changing Company Bill invoice records. Use the drop-down list to select one of the two valid options.

Vertafore strongly recommends you select Yes to prevent the accidental changing of existing Company Bill invoice records.

Departmentalized? - Yes or No option for posting by department.

  • Select Yes from the drop-down list if the system should read the department number from the invoice.

  • Select No if the system should ignore the department number on the invoice and post to Department 00.

C/B Producer Payables G/L #  - the general ledger account number used for posting Company (Direct) Bill Producer Payables. Refer to the General Ledger Chart of Accounts to obtain the account number used in your agency. Complete this field if you selected Yes in the C/B Producer Reconcil. Flag? field.   

C/B Producer Expense G/L # - the general ledger account number used for posting Company (Direct) Bill Producer Expense. Refer to the General Ledger Chart of Accounts to obtain the account number used in your agency. Complete this field if you selected Yes in the C/B Producer Reconcil. Flag? field.