Agency Bill w/ outside financing:
1. In Billing Type: select Agency bill with outside financing, this will open the proper payable and receivables.
- add all fee/taxes (top line of the endorsement)
- after all fees and taxes are added generate transaction (again at the top line of the endorsement)
- Note: if an itemized invoice is needed, unselect "combine all payable and receivables"
2. tracking commissions - be sure to select the way you will receive your commission
- Net - retain commission out of money received from insured
- Gross - entire commission received from the carrier/MGA
3. Receivable/Payables - they system will generate the industry standard of 25% down and 75% financed, however, these fields can be changed to match your finance agreement manually.
- Note - check the number in the check-sum/sanity line, if there's a number there, you're collecting too much or not enough, and should prompt you to go back to check your numbers.
- lastly, save your endorsement
After your receivables have been created, it is easy to create an invoice. If you have just the one policy, you can choose Save > "Save and Create Invoice for Receivable". Selecting either the premium or financed amount is optional and only informational for your insured.; if there are multiple policies, create your invoice from your insureds details page > documents > invoices/receipts, it will give you the option to select all the policies you wish to invoice with their respective receivables.
I hope this helps, if you have questions or if I can help with anything else please don't hesitate to contact us.