Product: APROSQL, APro for Windows
Description:

Financing – Return Premium Sent to Directly Finance Company

Solution:

If the return premium is sent directly to the finance company by the carrier it allows the agency to simply finance off the entire policy by checking the box at the bottom of the policy to Apply A/R to Premium Finance Company (without entering a down payment). Click OK and regenerate the policy if necessary.

If on a CASH basis remember to do step 2 (Go to the Client A/R tab and click the $ icon. Choose the same date and amount reflected on the Finance Company Credit line in the Client A/R detail as a negative amount. Choose the policy that was being financed and check the box at the bottom of the screen to Check Here if Payment is from Finance Company. Choose Yes to the question Did the Finance Company pay the Carrier Directly?)

This procedure will leave you with a payable for the amount of the commission in the 20XX account for the company.

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