Binder Bill Invoicing

Binder bill invoicing hits the general ledger but does not appear on the agents account current statement. Binder bills are available for Agency Billed policies only.

To Create a Binder Bill Invoice

1. Click on the Details icon of the client.
2. On the Client menu, click POLICIES.
3. Click the Details icon on the appropriate policy.
4. Select the transactions tab.
5. Click Add New Invoice.
6. Click Edit Invoice Header link.
7. Choose Binder Bill as the invoice type.

8. Click OK.
9. In the Quick Navigation panel, click Invoice Posting.
10. Click Post Now.

Note: Invoice posting for binder bills creates entries to accounts receivable and binder bill payable only. No posting rules will be taken into consideration with binder bill invoices.

To Reverse the Binder Bill

1. At the policy level, click the transactions tab.  If there are several invoices, go to the Select view drop-down box and choose Open Binder Bill.
2. Click the Details icon of the posted binder invoice.
3. On the binder invoice header, click Reverse Now.

The reversal process displays three options:

• Open payment for manual apply to invoices: Will open receive payment with the entire amount as residual.
• Go to Receive Payment - note that it now has a residual amount.
• Open and assign credits to invoices as applicable.
• The original and reversal can be applied against each other.
• Open payment and auto-apply: Will re-apply the receive payment to the replacement invoice.
• Replacement invoice will have the credit.
• The original and reversal invoice will need to be applied to each other.
• Leave payments applied: No change to the receive payment, it will remain against the original binder bill.
• No activity required.

Note: If credits exist for binder bill invoices, the message returned will be the same except for the reference to the locked or closed period: Locked or closed period: Entry is in locked or closed period. Open period: Entry is in an open period.

The binder bill reversal creates a replacement invoice. The invoice header shows the replacement invoice number and the original binder number.  

4. Make any necessary changes to the premium, fees, taxes etc.
5. Click Post Invoice.  If the premium has been changed, the user will receive a prompt to generate a manual invoice, select Yes and click OK.

In the summary view there will be:

• "+" in front of the replacement invoice with "posted" status only
• "-" in front of the reversing binder bill invoice
• (M) is the manual invoice

Related Receive Payment Activity

• Open payment for manual apply to invoices:
• Go to Receive Payment, note that it now has a residual amount.
• Open and assign credits to invoices as applicable.
• The original and reversal can be applied against each other.
• Open payment and auto-apply:
• Replacement invoice will have the credit.
• The original and reversal invoice will need to be applied to each other.
• Leave payments applied:
• No activity required.