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.)