Open topic with navigation

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

Concept Link IconS    Related Topics Link IconR

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:

ClosedCustomer Register

  1. Open the Customer View and click the Register tab for the desired customer.

  2. Expand the header row containing the late charge or small balance you wish to waive by clicking the right-pointing arrow on the left side of the row, or by clicking the Expand All option and scrolling to the desired row.

  3. Click the Waive Late Charge or Invoice Small Balance button in the Actions column.

  4. The Waive Late Charge/Inv Small Balance form opens with the appropriate information defaulted into the section(s) displayed.

  5. The amount of any late charge remaining on the invoice defaults into the Waive Late Charge section. The amount can be changed.

  6. 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.

  7. Be sure to review the amounts automatically pre-filled 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.

  1. Click Post or Cancel (if you wish to exit the form without taking action).

ClosedReceipts Button in the Customer Register

  1. 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.

  2. Click the appropriate checkbox, Late Charge or Small Balance or both, to indicate if a journal entry should be applied to clear the defaulted amounts.

  3. Complete the receipt entry and post as usual.


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 10:58 PM