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Slide notes: In this tutorial we demonstrate how we process a Policy Premium Receipt.

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Slide notes: When we process a Premium Receipt, this will be a credit on the Customer's AR Debtor Account, which begs the question: why do we not use a standard Debtor Receipt journal? Well, that is possible, but will not be correct for Policy Premium Receipts, because only the Premium Receipt option in Insurance Brokerage has the correct processing rules to connect this Receipt to the Insurance policy, and to calculate and to process the commission and the payment to the Insurer. Therefore, Policy Premium Receipts should always be performed with this option.

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Slide notes: I have now selected a Cash Receipt Account, and this is correct when we receive a

Cheque or Cash at the Cash Desk. We note, however, that I could equally select a Bank

Account, which I would do if the payment was received directly into our Bank Account,

for example by deposit or debit order.

It is also possible to use a Ledger Cost Centre, i.e. a standard GL Account, and that

would be correct in a case where the payment was previously processed, but mis-

allocated or placed in suspense, and now being processed to allocate it correctly to the

appropriate Customer.

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Slide notes: When I select the Insurance Account, then the Policies on this Account will be offered for selection, unless there is only 1, in which case selection is automatic.

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Slide notes: And of course, once the Policy is known, then the system already knows the amount, and will insert that. However, it is possible to change the amount if the Customer is paying more or less than the standard premium.

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Slide notes: Also, when we need to process a previously raised premium with additional charges, then we can use the PREMIUM PLUS CHARGE function to select to correct premium to process.

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Slide notes: When I select from this list, then the appropriate premium and additional charge wil be populated on the Receipt screen.

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Slide notes: Once again, it is still possible to change the Amount being paid and receipted, but only the Premium portion can be adjusted, and not the additional charge. When we change the Premium Amount, then the total Receipt Amount adjusts accordingly, i.e. to include the additional charge. Commission is only calculated on the Premium Amount portion, and not on the additional charge portion.

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Slide notes: The narrative defaults to the word "Receipt", and can be changed when necessary.

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Slide notes: The narrative can also be used to indicate any additional information. For example, in a case where we actually receive cash in a different currency, the receipt will still be in the managed currency of the Account, but we can indicate the 'other amount' in the narrative, and the narrative will show up on the Receipt.

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Slide notes: Receipt printing is optional, and it is necessary to check the box if a Receipt is required.

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Slide notes: When we choose POST, we may see the Debtor Matching screen appear, but that does depend on the User's profile for Debtor Matching.

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Slide notes: Note on the Receipt where the narrative is shown as processed.

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