Cash Receipts Overview

Cash Receipts are checks, cash, and electronic fund transfers for money owed to your agency.

Use Cash Receipts entry to apply payments by:

• Clients for policies.
• Non-clients for money owed your agency.

You add a cash receipt by entering data on the:

• Cash Receipts page
• Client Cash Receipts/Vendor Check Disbursements page,
• Receipt/Payables Process page, or
• One Step Direct Bill page.

The page used for adding cash receipts depends upon the type of cash receipt transaction you want to process. Use the:

• Cash Receipts page to enter receipts for Client Receivables to deposit money directly into a General Ledger account, and to enter non-client receipts (for example, rental income, or company bill commission receipts if your agency does not reconcile company bill commissions.)
• Client Cash Receipts/Vendor Check Disbursements page to enter receipts and make disbursements for clients with Direct Bill policies.
• Receipt/Payables Process page to enter receipt money from carriers that relieve one or more open payables that result in a refund due back to your agency.
• One Step Direct Bill Insurer Receipts page to create a direct bill receipt for a specific bank/deposit date, based on previously billed or un-billed policy headers.

Applying a Cash Receipt for a Client Receivable or to a General Ledger Account

You can apply client receipts to any one or to any combination of the following situations:

• A full or partial payment for one or more specific invoices.
• A payment to the oldest open invoice.
• A payment on account.

Cash Receipts page

• Record checks, cash, electronic funds transfers from clients and non-clients.

Client Cash Receipt/Vendor Check Disbursements page

• Receive money from a client and send check to payee immediately.
• Create an Accounts Receivable Adjustment if there is a difference between receipt and disbursement totals.

Receipt/Payables Process page

• Record a cash receipt from a company - for example, cancellation or return premium.
• Reconcile invoice (s).

Company Bill Insurer Receipts/Process page

• Reconcile company bill commission due the agency with the insurance carrier's commission statement.
• Record company bill commission check receipts.

Company Bill Insurer Disbursements page

• Record direct bill commission money returned to the insurance company (for example, return premiums or cancellations.)

One Step Direct Bill page

• Create a direct bill receipt for a specific bank/deposit date, based on previously billed or un-billed policy headers.
• Issue a disbursement to the company if the total of the receipt is actually a credit (net money owed company.)