Here are the general steps to follow when several policies are financed on a single finance agreement
1. Enter each policy premium, taxes, and fees.
2. Select the correct billing type (with outside financing)
3. click Generate Transactions.
so far 1-3 are just the regular steps performed for all type of billing
4. Adjust the financing amounts. The system enters the most common case of about 25% financed. All we need to do is adjust the Dollar amount (!) based on the actual numbers from the finance agreement.
4.1. Simply enter the financed amount shown on the Finance agreement into the financed amount on the endorsement.
NOTE: in the case where the finance co. has broken down the amount by policy for you, the process is very easy. Had they not provided the break down by policy, you will have to estimate the amounts based on the relative policy premium (use the same ratio and round up).
Finance companies have to provide this break down, so if you don't see it in your documents, please ask them for the breakdown. Their software has that info and should be able to produce a report.
5. Adjust the Receivables:
5.1. If you have used the "Combine Receivables" option and have just a single receivable, then simply plug in the Down Payment amount from the finance agreement into the Receivable slot (dollar amount)
5.2. If you have multiple receivables (separate receivables for fees and taxes), simply adjust the down-payment for the Premium by the same amount that you adjusted the financing by but in the opposite direction (if financing went up by 300, then reduce receivable by 300)
6 - Adjust the Payables: make the Payables equal to the Receivables (commissions will be netted later)
NOTE: At this point, your Check-sum summary should be "0".
7. Repeat steps 4-7 for all other policies.
You are now done! and can go to the Insured's Details page > click Documents > Invoices and Receipts to create a single a single invoice for the Down-payment on all policies.
TIP: go to the Insured Client Accounts overview (Insured Details page (Actions --> Client Accounts Overview). Make sure the financed policies are selected and check that the numbers match the finance agreement numbers:
and compare the numbers to the Finance agreement:
and another view from the Client Account overview page: