Receipts

This feature, or some fields and options described, might not be available depending on your settings, security rights, or platform package.

Receipts

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.

Bank Center Receipts

The Bank Center can be used to receipt payments received from various payee types. To enter receipts from the Bank Center, do the following:

In the Bank Center open the bank account where the receipts are to be deposited.
Select New Receipt from the Actions menu. The Receipt form displays.
Follow the steps below based on the bank account type (Trust or Operating) and the Received From type.

Trust Bank: Received From = Insured

If the bank account is designated as a Trust account in Bank Setup the default Received From is Insured.
Tab to the Name field and enter a few letters of the name then [Enter] to open the Customer Search form or click the Search link.
Search for and highlight the desired account. [Enter] or click Select to close the Customer Search form and return to the Receipt form with the Insured Accounts Receivable voucher section expanded.
The receipt type defaults as Check. Select another type, if appropriate.
For Check receipts, tab to the Bank # and enter the bank routing number (optional) and then tab to the Check # field and enter the customer's check number.

Bank # and Check # fields are unavailable if the receipt type is other than Check.

Tab again to move to the Description field. For checks, the Description defaults as Check Payment - [Check #]. This description defaults into certain of the voucher sections but is always available to be changed.
Tab to the Amount field and enter the total amount of the receipt.
Open the voucher section representing where in the general ledger the non-bank portion of the check should be recorded. Available voucher types when Received From = Insured are:

Insured Accounts Receivable

You can enter a receipt for invoices in different divisions. To do this several setups and criteria must be met. See Workflow: Setting Up and Using Interdivision Accounting for Customer and Broker Cash Receipts for more information.

Apply a Receipt to an Open Invoice

The default option is Non-Zero Balance Items Only. All open invoices for the selected insured display in the grid, regardless whether the invoices are brokered or non-brokered.

Check the Auto Fill box to plug the Invoice Balance into the Amount column. A default description is also entered. Type in the amount or description fields to override the Auto Fill entries, if desired.

Invoice rows displaying in the grid as 'grayed out' are disabled because they do not match the division selected in the General Information section.

Waive a Late Charge or Small Invoice Balance

If the invoice contains a late charge that you wish to waive or the receipt amount is slightly less than the full amount due, highlight the invoice row and click Edit on the section menu and complete the following fields. When complete, click Update on the section menu.

Fields	What is this?
Amount	Enter the amount of money to be applied.
Description	Enter 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. Then, check the Late Charge for this Invoice and/or the Small Balance for this Invoice checkbox, as appropriate. Late Charge for this Invoice If a late charge exists on this invoice, the checkbox 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 checkbox 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 displays and the checkbox is enabled. Check 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 displays, but the checkbox is disabled. If there is no small balance on the invoice, 0.00 displays in the amount field, and the checkbox is disabled.

Apply a Receipt to Against a Closed Invoice

Applying Money On Account

To apply money on account, click the Add on Account link. Complete the following fields and click Add on the section menu.

These monies post to GL account #11211 (Insured Accounts Receivable).

Fields	What is this?
Amount	Enter the Amount of money to apply on account.
Description	Enter 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.
Policy	You can apply money at the customer account level by leaving the Policy field blank. Or, apply the money to a customer at the policy level, by selecting a policy from the list. If a policy is selected in error, select the Policy field and click the Delete key on your keyboard.

Direct Bill Deposit

Use the Direct Bill Deposit section to enter a receipt from an insured for monies received for a direct bill policy or application. These monies are posted to general ledger account #21121-DB Deposits Payable Ins. Co. or #21122-DB Deposits Payable Brokerage Co. and then are paid out, in the same amount as receipted (no deduction for commissions) to the company using the Direct Bill Deposit section of the Check form.

Click New on the section menu and complete the following fields, as appropriate:

Fields	What is this?
Amount	Enter the Amount of the Direct Bill Deposit receipt.
Description	Defaults from the Receipt Information section but can be changed. This description posts to the 21121 or 21122 general ledger account and can be important when matching receipt transactions to corresponding check transactions. Information identifying the specific payment, such as due date or policy #/type can be helpful here.
[Company]	Select the company from the appropriate list matching the company to which payment is to be forwarded. If the receipt is reimbursing the agency for a payment already sent, select the company that was previously paid. Only one insurance/brokerage or finance company can be selected.

Single Workflow - Receipt Payment and Create Check to Company

Other GL Accounts

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

Fields

What is this?

GL #

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

Amount

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

Description

Enter 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

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 40000. 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.

Fields

What is this?

Trust Bank: Received From = Other than Insured

If the bank account is designated as a Trust account in Bank Setup the default Received From is Insured and the cursor focus is on the Name field. To select a different Received From option, click the arrow on the Received From list (or hold down the Shift key then press the Tab key once).

Selecting a Received From type, other than Insured, populates the Name list with active selections of that type. Drop-down the 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).
Tab out of the Name field to load the receipt voucher types available for the Received From type selected.
The receipt type defaults as Check. Select another type, if appropriate.
For Check receipts, tab to the Bank # and enter the bank routing number (optional) and then tab to the Check # field and enter the customer's check number. Bank # and Check # fields are unavailable if the receipt type is other than Check.
Tab again to move to the Description field. For checks, the Description defaults as Check Payment - [Check #]. This description defaults into some voucher sections but is always available for change.
Tab to the Amount field and enter the total amount of the receipt.
Open the voucher section representing where in the general ledger the non-bank portion of the check should be recorded. See Section Descriptions later in this topic for details about data entry for each voucher type.
When voucher data entry is complete, click Post and New to activate another blank receipt form, if entering a group of receipts, click Post to complete the check and close the form or Post and Print to post the receipt and immediately print a receipt for the customer.

ALT+F; N for Post and New.
ALT+F; P for Post.
ALT+F; R for Post and Print.

Operating Bank

If the bank account is designated as an Operating account in Bank Setup the form opens with cursor focus on the Received From field. Type the first letter of the appropriate Received From type (if more than one option begins with the same letter use the down arrow on the keyboard to scroll through available choices):

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

Selecting a Received From type, other than Insured, populates the Name list with active selections of that type. Drop-down the 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).
Tab out of the Name field to load the receipt voucher types available for the Received From type selected.
The receipt type defaults as Check. Select another type, if appropriate.
For Check receipts, tab to the Bank # and enter the bank routing number (optional) and then tab to the Check # field and enter the customer's check number. Bank # and Check # fields are unavailable if the receipt type is other than Check.
Tab again to move to the Description field. For checks, the Description defaults as Check Payment - [Check #]. This description defaults into some voucher sections but is always available to be changed.
Tab to the Amount field and enter the total amount of the receipt.
Open the voucher section representing where in the general ledger the non-bank portion of the check should be recorded. See Section Descriptions later in this topic for details about data entry for each voucher type.
When voucher data entry is complete, click Post and New to activate another blank receipt form, if entering a group of receipts, click Post to complete the check and close the form or Post and Print to post the receipt and immediately print a receipt for the customer.
ALT+F; N for Post and New.
ALT+F; P for Post.
ALT+F; R for Post and Print.

Accessing Receipts from other Centers

To give you the broadest possible options, the Receipt form can be accessed from many places throughout AMS360. Where you are when you access a receipt form controls what voucher sections display 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.

Receipt Types and Locations

Following are 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 the Bank Center Receipts section 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.

If the payor is...	and the payment is for...	access the receipt form from the...
Agency & Broker's Customers	Agency Bill Invoices	Customer Center Open the customer in the Customer Center. Click Action > New Receipt on the center menu bar. The Receipt for Customer form displays. 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 Open the policy header row containing the invoice to be receipted. Click the Receipt action button . The Receipt for Customer form displays 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.
Broker	Payments received from a broker made on behalf of their Customer.	Open the broker in the Broker Center. Click Action > New Receipt on the center menu bar. The Receipt for Broker form displays. Open the broker in the Broker Center. Click Action > New Receipt on the center menu bar. The Receipt for Broker form displays. 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.
Finance Company	Payment received from finance companies for Broker's Accounts Receivable.	Open the company in the Company Center. Click Action > New Receipt on the center menu bar. The Receipt for Company form displays. Open the finance company in the Company Center. Click Action > New Receipt on the center menu bar. The Receipt for Company form displays. 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.
Insurance & Brokerage Company Agency Bill & Direct Bill	Net Return Premium payments received from companies on agency bill invoices or statements.	Build an Account Current Statement containing the same invoices/pay amounts as the company statement, only this statement will have a credit balance. 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. Open the insurance or brokerage company in the Company Center. Click Action > New Receipt on the center menu bar. The Receipt for Company form displays. 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.
Fee Companies	Payments received from Fee Companies for returned fees.	Build an Account Current Statement containing the same invoices/pay amounts as the fee company statement/receipt. This statement will have a credit balance. 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. Open the Fee company in the Company Center. Click Action > New Receipt on the center menu bar. The Receipt for Company form displays. Depending upon the payment type, select one of the sections below: Account Current Statement Insured Accounts Receivable Broker Accounts Receivable Finance Accounts Receivable Other GL Account
Employee	Reimbursement payment received from Employees for salary, expense or commission advances.	Open the employee in the Employee Center Click Action > New Receipt on the center menu bar. The Receipt for Employee form displays. Open the Employee in the Employee Center. Click Action > New Receipt on the center menu bar. The Receipt for Employee form displays. 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.
Vendor Center	Refunds received from Vendors.	Open the vendor in the Vendor Center. Click Action > New Receipt on the center menu bar. The Receipt for Vendor form displays. Open the Other GL Accounts section.

Section Descriptions

Receipt Information

To begin, enter the general information about the receipt (receipt date, amount, description, bank) in the Receipt Information section.

This portion of the transaction posts to the general ledger account number for the selected bank account.

Fields

What is this?

Date

Using the Date Picker, enter or select the Date you want the receipt to post to the general ledger. The current system date defaults.

Security access can restrict backdating a receipt.

Bank

Enter the bank you are receipting the money to. Depending on which center the receipt was accessed from, the Bank field defaults differently.

The information displayed in this field includes the bank name, GL number and the division assigned to the bank.

The banks available in the Bank list depend on your security authorizations.

Receipt Accessed Through	What happens?
Bank Center	The bank selected in the Bank Center defaults to this field and cannot be changed.
Broker Center	The bank defaults to the default trust account. If a trust account does not exist, it defaults to the default operating account.
Company Center	The bank defaults to the default trust account. If a trust account does not exist, it defaults to the default operating account.
Customer Center	The bank defaults to the default trust account. If a trust account does not exist, it defaults to the default operating account.
Employee Center	The bank defaults to the default operating account.
Vendor Center	The bank defaults to the default operating account.

Type

Select the form of payment (check, cash, credit card, electronic transfer, or debit card). The default selection is Check.

When the Type is check, enter the, and Check #, if desired.

Received From

Select the payor type from the list. This field selection controls the items available for selection in the Name field.

Name

Select the payor's Name from the list. The list is populated based on the Received From field selection.

If Other is selected in Received From, type in the name of the payor.
If Insured is selected in Received From, accept the default customer, or Search for another customer.

Bank #

Available for entry if the Type of payment is a Check. Enter the Bank #, if desired.

Check #

Available only for payments received in the form of checks. This entry is appended to the Description field and is available for viewing and reporting.

Description

Enter a Description for the receipt. Based on the Receipt From type selected, default descriptions fill the Description field, but can be changed.

If a check # is entered in the Check # field, it is appended to the description.

Amount

Enter the total Amount of the receipt.

Remaining

The Remaining is a calculated field. It is the difference between the Amount field in the Receipt Information section, and what is currently applied (offset) to the applicable voucher sections.

The receipt cannot be posted until the Remaining field balance is zero.

Voucher Sections

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 are 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.

Account Current Statement

Insured Accounts Receivable

Broker Accounts Receivable

Finance Accounts Receivable

Direct Bill Deposit

Direct Bill Commission Receivables

Direct Bill Commission Income

Administrative Salaries

Employee Expenses and Reimbursements

Other GL Accounts

Posting and Canceling

When you post a receipt, the Receipt Amount posts as a debit (increase) to the GL #11170 Bank Holding account. Then, when the receipt is included on a Bank Deposit and posted, GL account #11170 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.

Posting Type	Icon	What Happens
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.

Can't find what you're looking for? Log on to My Vertafore for more resources.

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© 2015 Vertafore, Inc. and its subsidiaries. All Rights Reserved. Vertafore, the Vertafore design, AMS360, Vertafore Producer Advantage, Producer Plus, AgencyEDGE, ReferenceConnect, BenefitPoint, Engage, and WorkSmart are registered trademarks of Vertafore, Inc. or its subsidiaries. Third party marks belong to their respective holders. AMS360 Classic Help updated 5/18/2016 10:58 PM

Buttons Checkbox	What is this?
Select All	Checks the Pay checkbox for all account current statements in the grid.
Clear All	Clears the Pay checkbox for all checked account current statements in the grid.
Display all Statements	When you check the Display all Statements checkbox, all account current statements for companies matching the banks division and the Received From type appear in the grid list. Received From types are: Insurance Company Brokerage Company Fee Company Since many companies are merging today, this feature gives you the ability to gather two or more statements for different companies onto one receipt.

Grid Fields	What is this?
Division	This is the division selected when you created the account current.
Date	This is the Statement Date when you created the account current statement.
Name	The name of the insurance, brokerage or fee company.
Identifier	This is the Statement Description when you created the account current statement.
Status	This is the current status of the Account Current. It will always be Ready to Pay.
Payable Balance	This is the total debit (negative) unpaid balance of all invoices on the Account Current.
Pay Amount	This is 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.

Fields	What is this?
Normal	Enter the voucher amount for this part of the receipt.
Description	Enter 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. Then, check the Late Charge for this Invoice and/or the Small Balance for this Invoice checkbox, as appropriate. Late Charge for this Invoice If a late charge exists on this invoice, the checkbox 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 checkbox is disabled and the amount field displays 0.00. Small Balance for this Invoice The amount displayed in the Small Balance for this Invoicefield 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 displays and the checkbox is enabled. Check 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 displays, but the checkbox is disabled. If there is no small balance on the invoice, 0.00 displays in the amount field, and the checkbox is disabled.

Fields	What is this?
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 the Search link. This takes you to the Customer Search form. Find the customer and click the Select button.
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.

Fields	What is this?
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: 61100 - Executive Salaries 61200 - Office Salaries 61300 - Other Salaries The system defaults any general ledger account numbered between 61000 and 62000 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	Enter 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	Since the accounts in this section are expense accounts, you must select a Department. Using the list, select the correct department for this transaction.

Receipts

Waive a Late Charge or Small Invoice Balance

Late Charge for this Invoice

Small Balance for this Invoice

Customer Center

Customer Register

Late Charge for this Invoice

Small Balance for this Invoice

Late Charge for this Invoice

Small Balance for this Invoice

Late Charge for this Invoice

Small Balance for this Invoice

What's Next?