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Introduction

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Process

Introduction

This article specifically discusses the steps for allocating cash and credits that are already in INSIGHT. The steps differ from using the wizard to create and allocate a new receipt as there is no need to create a receipt when the money exists in INSIGHT.

Existing cash or credits can be a result of return premiums from cancellations or endorsements. Alternately, they can be a result of a receipt applied to an entity’s account and left unallocated.

Please note that alllocation of credits may occur automatically for full-term cancellations, however, mid-term cancellations and negative endorsements will need manual intervention. 

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• Receipts & Allocations Wizard

Process

1. Select Receipts, Receipts & Allocations, Allocate Cash and Credits, and then select Next. 

2. Enter the name of the client, insurer or authorised representative where the cash or credit is currently at.

3. Select the appropriate entity from the search results, then select Next.

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

5. By default, INSIGHT selects the Allocate? checkbox of the oldest invoice and enters the cash or credit's full amount in the Allocated field. If this is not the case, ensure you select the Allocate? checkbox you want and enter the amount you wish to allocate. When done, select Next.

6. Review the summary, select Post to Accounts, then Yes to the confirmation message.

7. Select Finish to exit the wizard or Add Another Receipt to return to the start of the wizard.

 NOTE: The steps discussed in this article are applied when you want to allocate a cash or credit to an invoice belonging to the same client. If you wish to allocate the cash or credit to a different client, you must first complete a Client Transfer - Cash Journal to the client the invoice belongs to, then follow the article's steps.