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.

Workflow: Billing a Multiple Entity Policy and Track Receivables

Multiple Entity customers and policies provide a means of grouping and billing customers who are insured by one policy. Examples of these types of customers are condominium associations where owners are covered by one policy and each shares a cost of that policy. Another example is a franchise where one policy covers multiple locations and each location is responsible for a portion of the premium and is billed separately.

This topic outlines how to bill multiple entities and track receivables. Before reading this topic you may want to review Workflow: Enter a Multiple Entity Customer and Policy for information on setting up the Customer and Policy form to allow for multiple entity billing.

    ClosedCreating Multiple Entity Invoices

The information presented when you expand the Transaction Premiums / Billingsection >Invoicing sub-section of the Policy form and click the Create Invoice link depends on the Track Receivables option set for the policy. This option is set in the Multiple Entity sub-section of the Basic Policy Information section of the Policy form.

The purpose of multiple-entity billing is to allow split billings for the receivable portion of an invoice transaction. Company and employee commissions payable on multiple-entity billings are always controlled at the Master level. One row appears per invoice under the Master Customerfor both net premiums due the company and commissions due employee/brokers.

    ClosedTracking Receivables at the Master Level

When receivables are tracked at the Master/Multiple Entities level, only one invoice is created, billing the Master Customer for the entire invoiced amount. Create and post the invoice as you would for a Standard Customer.

    ClosedTracking Receivables at the Sub-Customer Level

The Invoice form for Multiple Entity billings, when the Track Receivables option is set to At Sub-Customer Level, includes additional fields and options not available when billing a non-multiple entity policy:

Invoice Form Section

Differences in Multiple Entity Billing

Policy Transaction

Group/Field

What is this?

Customer

Create Invoice can be initiated from the Policy form in either the Master or a Sub-Customer account. The Customer field in the Policy Transaction section reflects the Master Customer name and cannot be changed,

Multiple Entity List

An additional drop-down list, not available in a standard invoice, appears below the Installment list. The default selection for this field is (Consolidated Commission View). Editing of commissions is only available in the consolidated view.

Use the forward and backward arrow buttons on the Installments and Multiple Entity lists to cycle through either all sub-customers for an installment date (Multiple Entity buttons) or all installments for a single master/sub account (Installment buttons).

Multi Entity View link

Click this link to open the Multi Entity Transaction Detail form where you can view a consolidated version of the invoice as well as viewing details of the invoicing from both the Master and Sub-customer's perspective.

This form is a visual reference only. Close the form and return to the Invoice form to make necessary changes.

Bill To

Displays the address for the customer selected in the Multiple Entity list. You can also select a different Bill Toby selecting from theSelectlist. If you selectNo Lookup you can type in the desired name and billing address.

The Bill To section is only available when:

You are tracking receivables at the Master Customer level, and Consolidated Commission View is selected from the Multiple Entity List.

You are tracking receivables at theSub-Customerlevel, and one of theSub-Customersis selected from theMultiple Entity List.

Invoice Transactions

Edit and Delete are available section menu options in the Consolidated Commission View only. The following table information pertains to this view.

Sub-section

What is this?

Commissions

The following fields are available for editing and operate the same as a standard invoice. See Creating an Invoice for more information about these fields:

  • Premium

  • Percent

  • Comm Amt

  • Method

  • Status

  • Add To All

Premiums

Use this section to make adjustments to the premium allocations by sub-customer without leaving the Invoiceform. Type the desired amounts into the Amount column of the grid.

The total of premiums displayed in the Amount column must equal the total of all sub-customer allocations for the invoice to post.

Changes made to the invoice form do not flow back to the Policy form. Once the invoice is posted, you are returned to the Policy form, where you can correct the sub-customer allocation by clicking on the Split Premium link in the Transaction Premiums / Billingsection >Transaction Premiums sub-section.

Carefully using the Split Premium form to make the primary premium allocations by Master/Sub-customer should default the correct premiums to the Invoicing form, eliminating the extra steps.

Message

The Message section is only available when:

  • You are tracking receivables at the Master Customer level, and Consolidated Commission View is selected from the Multiple Entity List.

  • You are tracking receivables at theSub-Customerlevel, and one of theSub-Customersis selected from theMultiple Entity List.

Track Receivable Method

What is this?

Master Customer Level

When receivables are being tracked at the Master Customer level, type in the message and then check the box next to the feature you wish to enable:

  • Print on Statement

  • Copy to All Installments

Sub-Customer Level

When receivables are being tracked at the Sub-Customer level, type in the message and then check the box next to the feature you wish to enable:

  • Print on Statement

  • Copy to All Installments for all sub-customers

  • Copy to All Installments for this sub-customer only

Invoice Installment Summary

This section displays a summarized view of all the installments for all customers. This display is the same as for a standard invoice with the exception that a column is added to display the master or sub-customer name.

    ClosedRules for Successful Multiple-Entity Billing

    ClosedCustomer

    ClosedPolicy

 

    ClosedInvoice Posting

Invoice posting of Multiple Entity billings is the same as for a Standard invoice with the exception that invoice numbers for master and sub-customers are appended with a suffix for tracking purposes.

    ClosedCorrecting or Voiding a Multiple Entity Invoice

    ClosedCorrecting a Multiple Entity Billing

Initiating an Invoice Correction from the Customer Register or the View Invoice Detail forms, displays the entire set of invoices with focus on the installment from which the correction was initiated.

All installments for the Consolidated Commission View are available for correction. When posted, only the installment(s) that are changed reflect a correction.

The Correct Invoice button is available on both the Master and all Sub-Customer registers. The View Invoice Detail form is only available from within a policy at the Master Customer level.

    ClosedVoiding a Multiple Entity Billing

Voiding an Invoice on a Multi Entitypolicy voids the invoice for all sub-customers.

Option

What is this?

Void this invoice only

Voids the selected installment, including the sub-customer invoices with suffixes, for that installment.

Void all invoices listed

Voids the entire billing, all installments for all sub customers.

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 11:00 PM