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Introduction

What is a Producing Broker?

Receipting for Producing Brokers

Receipting the Net Amount

Receipting the Gross Amount

Allocating Cash for a Producing Broker

Introduction

What is a Producing Broker?

Previously referred to as a Net Authorised Representative (Net AR), a Producing Broker entity type manages scenarios where the insured remits directly to the Producing Broker and the Producing Broker pays the brokerage the "net amount". Sample scenarios are when policies are created through Wholesale Broking or Underwriting Agencies.

Receipting for Producing Brokers

The receipting process for Producing Brokers is similar to when receipting for clients with one variation. Given that the net amount of the transaction is billed to the Producing Broker,  INSIGHT automatically expects the net amount to be receipted. Though this is the default, INSIGHT also caters for receipting when the Gross amount is received. 

Receipting the Net Amount

1. Go to Receipts, Receipts and Allocations, Create new receipt, then Next.

2. Locate the Invoice or Producing Broker, then select Next - searching for the Client (the insured) attached to the invoice will not generate results as there is no debt against the client.

3. Select the Payment Method and enter the receipt amount - note that INSIGHT auto-fills the net amount, if this is not the case, enter exactly what was receipted.

4. Select the Allocate? checkbox beside the invoice, then Next - note that the net receipt amount auto-fills in the Allocated field, if this is not the case, enter exactly what was receipted. 

5. Select Post to Accounts, then Yes to the confirmation message.

Receipting the Gross Amount

1. Follow steps 1 - 2 from the "Receipting the Net Amount" process.

2. Select the Payment Method and enter the receipt amount - this process assumes the gross amount was received. Please enter the gross amount as the receipt amount.

3. Beside the invoice, select the Allocate? checkbox, then Next - note that the Gross Payment checkbox is auto-selected and the Allocated field and becomes uneditable.

4. Select Post to Accounts, then Yes to the confirmation message.

Allocating Cash for a Producing Broker

1. Go to Receipts, Receipts and Allocations, Alloacte Cash and Credits, then Next.

2. Locate and select the Producing Broker, then Next.

3. Select the cash or credit you want to allocate, then Next.

4.  Select the Allocate? checkbox beside the invoice or invoices you want to allocate the money to. 

5. Update the Allocated field to the amount you want to allocate to the invoice or invoices, then select Next.

6. Select Post to Accounts, then Yes to the confirmation message.