Managing company payables

Overview

A Company Payable represents money the agency owes to a carrier or premium finance company for premiums collected on their behalf. When you invoice agency-billed items at the policy level, the system creates an Accounts Payable entry. The payable reflects the premium owed to the carrier, net of the agency’s commission. Company payables help you:

• Track amounts owed to carriers and finance companies

• Remit funds accurately and on time

• Maintain clean accounting records

This article outlines the steps to process a payable, enter cash disbursement details, and remit a cash disbursement.

Process a payable

1. In the App Launcher, search and select Company Payables.

2. Select the carrier from the dropdown menu.

3. Select the agency from the dropdown menu that appears.

   

4. Use the checkboxes to filter by receivable status:

   1. Paid: Funds received from the Insured Accoun

   2. Partially Paid: Partial funds received from the Insured Account

   3. Unpaid: No funds received from the Insured Account

   4. Returns: Negative payables from cancellations, endorsements, or return premiums

      

5. Select the checkbox next to each Payable Name you want to include in the payment. To select all items, click the checkbox in the header row.

Complete cash disbursement details

1. In the Cash Disbursement Detail section at the bottom of the page, complete the following fields:

   1. Bank Account: Select the account from which the payment will be made.

   2. Type: Select Check or Electronic

   3. Check Layout: Select the format for printed checks, if applicable.

   4. Check Number: Defaults to the next check number in sequence.

   5. Agency

   6. Branch

2. When finished, select Pay & Post to make the payment.

Print remittance

A Cash Disbursement record will be automatically created.

1. From the Cash Disbursement screen, select Print Remittance.

2. A PDF will generate of the remittance details for your records or for carrier submission.

   Note: If you have pop-up blockers enabled, you will see an error message. Turn off pop-up blockers and click Print Remittance again to view the PDF.

   

3. Print or download the remittance, depending on your workflow.