Receipting for Producing Brokers
The receipting process is the same for Producing Brokers (PB) and clients, with one variation. When receipting monies for a transaction that is attached to a PB, INSIGHT automatically expects the net amount to be receipted, given that this is the amount of the transaction billed to the Net AR. However, in some circumstances the Gross, or full amount owing by the Insured may be received, INSIGHT is designed to manage both scenarios.
Click here to skip to the following content:
Receipting the Net Amount
Receipting the Gross Amount
Receipting Unallocated Cash on Account
Receipting the Net Amount
QUICK TIP:
Net Amount refers to the amount billed to the Producing broker.
Click the Details button to view step by step instructions.
1. Select Receipts, then Receipts and Allocations.
2. Select Create new receipt, then Next
3. Search by Invoice or Producing Broker name, noting that if you search for the insured, you'll find there are no amounts owing. All monies are against the Producing Broker's account. Locate and select the correct transaction, then select Next.
4. Choose a Payment Method, confirm the receipt amount is correct, add Remarks (if required), then select Next. If you searched by Invoice Number, the amount defaults to the Net Amount paybable. The Amount field is editable, so that you can enter the correct amount being receipted.
5. Allocate the amount being receipted to the transaction, then select Next. Selecting the Allocate? checkbox auto fills the receipted amount into the Allocated field. Otherwise, you can enter the amount yourself in the Allocated field.
6. Review the summary and select Post to Accounts.
Receipting the Gross Amount
QUICK TIP:
Gross Amount refers to the total amount owed by the Insured.
Click the Details button to view step by step instructions.
1. Repeat steps 1 - 3 from the Receipting the Net Amount section.
2. Choose a Payment Method, and enter the total transaction amount (Net amount + Producing Broker Income), add Remarks (if required), then select Next. If you searched by Invoice Number, the amount defaults to the Net Amount paybable. The Amount field is editable, so that you can enter the correct amount being receipted.
3. Select the Allocate? checkbox, then select the Gross Payment checkbox and Next. Notice that a Write On message with an amount is displayed - this amount is the Producing Broker's income. The Wrie On amount will be available to pay the the Producing Broker through the usual Payments function.
4. Review the summary and select Post to Accounts.
Receipting Unallocated Cash on Account
Unnallocated funds can be receipted to the Producing Broker account. These funds can be allocated to invoices for the PB as required. You CANNOT journal the cash from a PB to another PB.
Click the Details button to view step by step instructions.
1. Repeat steps 1 - 3 from the Receipting the Net Amount section.
2. Choose a Payment Method, and enter the total transaction amount (Net amount + Producing Broker Income), add Remarks (if required), then select Next. If you searched by Invoice Number, the amount defaults to the Net Amount paybable. The Amount field is editable, so that you can enter the correct amount being receipted.
3. Select the Allocate? checkbox, this only allocates the Net amount and leaves the Producing Btoker as unallcoated. From there, select Next.
4. Review the summary and select Post to Accounts.
5. A confirmation page will display the amount left unallocated. Select Yes to finalise the process.
Something got you stumped?
Our team is here to help! We know change can be tricky, but we've got your back.
Contact our support team here and well get back to you shortly