At the bottom of the Client Update screen (light blue) you will see a button labeled: Premiums.
Click on Premiums to go to the Premium History browse box.
Click on Insert to enter a record.
You are now at the Update Premium History screen. At the top of this screen is printed the insured name. In the top right hand corner you will see 'Installment Premium' and two choices. The answer to this will normally be no. To change this from No to Yes, simply click on 'Yes'. The purpose of this field is to allow you to enter installment premiums. For example, if you have a premium of $300 and have told your insured that you will bill him $100 a month for 3 months, then you would enter $100 as the premium, and set Installment Premium to yes. For now we will leave the installment premium at no.
The first field the cursor will be located at is premium.
Type 550 for the premium and press tab.
The cursor has now moved to the Payment from Insured field. Assume he pays only 125.
Enter 125 and press tab.
The cursor is now at the Amount Financed field. Enter
400 for the amount financed and press tab.
If another agency writes through your agency, enter the amount the agency retained as commission in the 'Broker Commission Retained' field.
Already displayed in the Due Agency field should be 25. Press tab to accept this.
Click on the method of payment and press tab.
You are now at Company. The company you entered on the first screen should now be displayed. Simply
press tab to accept this choice. To change this you would click on the button next to this field.
Your cursor has moved to Agency Bill. This field has defaulted to entry in the company file.
Set this field to 'y' and press tab.
The cursor has now moved to MGA-General Agent. The purpose of this field is to allow you to enter a code for the general agent through which you are purchasing this policy. This field will automatically display the entry you made on the previous screen under MGA. If you desire you can change this entry by clicking on the button next to the field. Since TDY is already displayed, simply
press tab. Remember TDY stands for Today Underwriters.
The cursor is under Commission % and .15 is displayed. To accept this press
tab, or you may change it, and then press tab. The cursor now moves to the Commission field and the commission has been calculated in this case 82.50. However, some companies do not pay the commission on the total premium or the same commission on all coverages. If this is the case, you could figure the correct commission and enter it here.
Press tab to accept 82.50.
The next field the cursor is located at is Commission Received. You would enter the commission you have received here. In our case we will be keeping our commission from the amount submitted to the company. So
enter 82.50 as the commission received and press
tab. If you had not kept any commission, you would enter a 0.
The Commission Due field will automatically calculate the commission due.
Press tab to accept.
The cursor will now move to the Payment To Company field. Amsoft figures what it thinks the payment to company should be. It takes the total of what the insured will be paying (Payment from insured + due agency) and subtracts the commission you are keeping (commission received). In this case, 67.50 will be displayed. If you need to change this, simply type in the amount you are paying to the company.
Press tab to accept 67.50. If this policy was an account current, then you would enter a 0 here.
Next we come to the check # field. If you ordered the general ledger option, this field will be automatically filled in when you chose the 'post to company' button when writing a check. If you do not have the general ledger,
enter the check # here.
The Finance To Company field defaults to the amount entered in Amount financed.
Press tab to accept 400.
The Commission Retained field defaults to the amount entered in Commission Received.
Press tab to accept 82.50.
The Due Company field automatically figures what is due the company.
In the next field, you can enter the date that the payment is due to the company.
With the cursor under Transaction you will see 'NEW POLICY' displayed,
click on the transaction button. You will be taken to a browse box which lists transaction descriptions. You will be able to enter as many transaction descriptions as you like. Enter another one now by
clicking the Insert button. Type
'payment' and click on Ok. Two items will now be displayed in the browse box: New Policy and Payment.
To chose New Policy, place the cursor on it and click on Select and press
tab. Other transaction types you may want to use might be endorsement, renewal policy, cancellation refund or any wording you feel is necessary.
Now enter the date of this transaction under
'date.' Today's date is displayed. You may accept this by pressing
tab. All reports track premiums based on this date, and the entries will be displayed by this date order.
The effective date field will show the effective date of the policy. You may change this to whatever date you would like it to represent. However, please note that this field is simply an informational field; the program does not track anything by this date.
At Agency, if the Agency Code here is correct, press
The Other field is a code area for your own use. Some agents use codes to indicate the type of business, such as NEW for new business or REN for a renewal. You might want to use it to indicate the CSR or the source of the business (i.e. YEL. for the Yellow Pages)
The cursor is now at the Sub Producer area. Here the 3 letter code you entered on the update client screen will appear.
To accept SMI, press tab. You could change this by deleting one letter and then pressing tab, which would take you to the sub producer browse box. With the cursor at Producer Commission %, .35 should be displayed. This is the Commission % that we entered for SMI in the sub producer browse box. Press tab to accept this. If the Commission % is different for a certain policy, you would type in the correct figure and press tab. If you have no sub producer, you would simply press tab.
At the Date Paid field, you would enter the date the commission was paid. For now
leave this blank. This can be posted automatically from the Producer Statement in the Report section.
You are now at the last line of the screen. Displayed are Coverage and Policy#. If these are correct,
click on the Ok button to save the record. If you wish to change a field, make the change and then click on Ok to save the changes.
The Premium History browse box will again be displayed. The cursor will be located over the information we just entered. The bottom of the screen will indicate totals and the fact that 25 is due.
Since we are entering our first policy, this would normally be the only entry made today for this screen. As the policy year went by we might add endorsements, cancellations and payments.
We will now enter a payment. From the Premium History browse box
click on the Insert button. The Premium History Update screen will again be displayed. We only need to make an entry into the payment from insured field. To do this,
use your mouse to click on the Payment From Insured field. Enter 25, the amount still due and press tab.
Move to the transaction field and type payment. Now move the cursor to the date field and enter the date or accept by pressing tab. To save the record click on Ok. The Premium History browse box will now be displayed with two entries, and the amount due at the bottom will be changed to 0. You may enter as many transactions to this screen as you need.
We mentioned before that we would discuss the purpose of re-entering the policy number, company and coverage information. Well, here we go. The reason for this is that it gives you more flexibility in using Amsoft. Let's say your agency can charge an agency fee and you would like production reports showing commission separate from agency fee. To do this you would add another Premium History screen. This time you would enter the agency fee as a premium but you would set up a different company code called FEE for agency fee. When you run a report, the commission for the policy would be assigned to the correct company and the agency fee would be increased by the amount entered. There are many other ways you can use this area. If you are writing two policies for one insured with the same expiration dates, this area could be used to allow you to enter the insured only once.
You will also notice print buttons at the bottom of the browse box. The first button will print an invoice for the current premium. The second button will print an invoice including all of the tagged records. To tag a record, highlight it and click on the 'tag' button. When a record is tagged, an asterisk will appear in the column to the left of it. The third print button will print an invoice for the current premiums for the producer. If you click on the 'billing Account #' tab at the top of the screen, you will notice that the first print button has changed and will now print an invoice for all records with that billing account #.
You can also print invoices from the client browse box (where all of the clients are listed). The first print button on this screen will print only the total amount due. We will review this second option in a little bit.
To exit this screen click on Close . You will be and all the totals will be brought forward.