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The Pay Account Current Statement form allows you to identify the agency bill items you want to pay to the company. First, create the statement by using the Statement Modifiers form.
Then, using this form, review the invoices for correctness, determine if the client has paid you for the invoice, and/or determine if the company is requesting payment for the invoice.
Accessing the Pay Account Current Statement
After an account current statement has been built through the Pay Account Current build process, the statement opens automatically. Or, you can access the statement at a later time from the:
The General Information applies to the account current statement you are creating.
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Field/Group Name |
Options/Considerations |
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Statement Description |
This description defaults from the Statement Modifiers form when you created the statement, but can be changed. |
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Statement Date |
The Statement Date defaults from the Statement Modifiers form when you created the statement, but can be changed. |
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The Through Date defaults from the Statement Modifiers form and cannot be changed. If this date is incorrect, delete the statement and create it again with the desired date. |
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Agent Code |
The Agent Code defaults from Master Agent Code Setup section of the Company form for this company. Use the list to select a different agent code. |
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Status |
This status indicates you have not completed the reconciliation process. Ready to Pay This status indicates the statement has been fully reconciled and is ready for payment by creating a check to the company. You can also pay (close) a statement with a journal entry (zero balance statement) or a cash receipt (credit balance statement). Paid and Posted This status indicates the statement has already been closed by a check, journal entry or cash receipt. Voided This status indicates the check, journal entry or receipt used to close the statement was voided. In this case, this is the original account current statement and cannot be modified. |
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Post Date |
The date the statement posted to the general ledger. |
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Void Date |
If the check, journal entry or receipt used to close the statement is voided, this field fills with the date the void transaction posted. Voiding a check, receipt or journal entry transaction attached to a statement sets the status on that statement to voided. |
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Type |
This is the method used to close the statement.
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Ref # |
The source reference number assigned to the check, receipt, or journal entry when the statement was paid (closed). |
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These fields show accumulated totals for several columns of the Reconcile Statement grid. The numbers change throughout the reconciliation process when editing and deleting grid lines, adding additional invoices, and/or correcting commissions. |
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 Offsettingor 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 option Set pay amounts to payable balance and statement status 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.
Make sure the item to be corrected is highlighted in the reconciliation grid.
Click the Correct Invoices link; make necessary changes to the invoice.
Closing the link returns you to the Reconcile Statement section.
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Button |
Button Label |
What is this? |
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Pay |
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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. |
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Previous Row |
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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 grayed out. |
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Next Row |
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Clicking this button moves you 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 grayed out. |
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Pay & Next |
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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. This button reduces mouse clicks if you are reviewing one grid row at a time by combining the Pay and Next Row actions. |
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Pay All |
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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. |
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Filter Offsetting |
N/A |
Check this box to hide rows for backed out invoices and their corresponding offsetting rows. Turning on 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. Uncheck 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.
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.
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Column Heading |
Meaning |
Column Heading |
Meaning |
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Name |
Customer Name |
LOB/Chg |
Line of Business short name for premium rows, Charge code for taxes/fees rows. |
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CoPol # |
Displays 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 displays here. |
Inv # |
Invoice number. Displays 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. |
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WritingCo. |
The writing company on the policy. |
InvDate |
The Invoice Date assigned to the transaction. |
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Plan |
Company Plan |
VOID |
Displays the word VOID if the invoice has been voided. |
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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. |
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Tran |
Binder |
Displays Binder if this invoice is a binder billing. Displays Replace if this invoice is a replace binder billing. |
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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. |
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PayAmt |
Amount to be paid on this statement. Type in the amount to be paid or click the Pay or Pay & Next button to enter the PayBal amount in this field. |
MultiEnt |
Displays Y if this policy is a multi-entity policy, otherwise this column is blank. |
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AgcyGross |
Gross amount. |
AMS360Pol# |
Displays the policy number from the Basic Policy Information section of the Policy form. |
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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. |
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AgcyComm |
Commission dollar amount. |
Rep |
Displays the last name, first name of the account representative on the policy. |
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NetPay |
Net Premium (gross premium minus agency commission). |
Broker |
Displays the last name, first name of the broker, if any, on the policy. |
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AR Bal |
Accounts receivable balance. For In-Progress statements this is the real-time accounts receivable balance. |
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Installment Invoices for flat cancellations are summarized and the total amount appears on one line of the report.
After creating and reconciling the statement, you are ready to pay/clear the statement. Click Ready to Pay in the Statement Status box in the Reconcile Statement section. The section closes and the Pay Statement section expands.
If there are grid rows with a zero in the PayAmt (Pay Amount) column the message below displays. If you answer Yes, rows with a zero PayAmt are deleted from the current statement. If Yes is clicked in error any such invoices can be pulled back to the statement with the Additional Invoices link (as long as the Statement Status is reset to In Progress) or are available the next time you build a statement for this company. Clicking No on the message sets the Ready to Pay flag but any zero PayAmt invoices remain on the statement. Once the current statement is posted, these invoices are again available for payment the next time you build a statement for this company.
ThePay Statement section opens with one or more of the following links enabled.
Create a Check for the Amount of the Statement. Clearing Company Payables and Crediting the Bank
Selecting this link launches the Check form with the General Information section open.
Be sure to select the correct bank account from the Bank field.
The Amount field default to the total Pay Amount of the statement.
Additional account currents can be added to this check via the Account Current Statement section.
Other amounts due the company can also be added to this check via the other sections of this form.
Create a Journal Entry for the Amount of the Statement
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.
Create a Journal Entry to Clear a Zero Balance Statement
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.
Create a Receipt to Clear a Credit Balance Statement
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.
If you do not want to pay the account current now, you can also pay it by accessing the Check form through the Company Center for the company you want to pay. Once in the Check form, open the Account Current Statement section, select the desired account current and pay it.
If the items you were expecting did not appear on the statement, review the Account Current Modifiers used to create the statement.
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My Vertafore Support | Vertafore University | NetVU Network | Vertafore.com © 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 10:57 PM |
