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Introduction

Process

Funder Bank Details

Introduction

A refund is due to the Premium Funder when a funded policy is endorsed or cancelled and results in a return premium or credit.

To process a funder refund, the policy must meet these requirements:

	Must have a funding status of Submitted, Approved or Finalised. When the funder is set up to link with INSIGHT, the funding statuses will auto-update as the loan progresses. When the funder is not linked, you can manually update the status through the Premium Funding area in the Client's menu.
	A premium funding receipt must have been processed in INSIGHT to update the payment plan status as Funded.

Process

	Select Payments, New Payment, Client Refund, Next.
	Search for and select the client the funded policy belongs to, then select Next.
	Verify the transaction(s) for refund, as you can process client & funder refunds simultaneously, then select Next - you'll notice that INSIGHT auto-selects the Refund checkbox and Yes for the Refund to Funder field. The transaction will not have the option to Refund to Funder if it does not have the relevant funding status and a payment plan status of Funded.
	Review the payments, download transactions in an Excel file (if needed), and then select Next.
	Verify the Funder Bank Details on this page are correct, make your payment bank file selection, then select Next.
	Enter a payment reference number, make selections for the reason, remittance advice, bank payment file and payment summary, select Post to Accounts, and then Yes to the confirmation message.
	Select Finish to exit the wizard or Make Another Payment to return to the start of the wizard.

Funder Bank Details

	This page is auto-filled with the bank details saved in the funder record. If there are no details in the funder record, then this page will be blank.
	Use the ABA Reference Number field and select Yes to Include in Payment Bank File when you want this refund included with the payments processed in the Export Payment Bank File wizard. Otherwise, leave Include in Payment Bank File as a No.
	You can edit the bank details on this page if the funder requests to pay the refund to a different account. INSIGHT will display a message, advising that these details are only used for this remittance and that the funder record needs to be updated if these details are to be used for the funder permanently.