This article describes how to create an invoice with financed premium in HawkSoft. The Split Detail feature enables you to create an invoice showing the financed premium amount, as well as the premium down payment. The Split Detail feature also enables you to include or exclude the financed amount from the amount due in the Invoice Total.
See Creating an Invoice for general instructions on creating an invoice in HawkSoft.
Invoice with check to carrier for down payment only
Use this workflow when your agency wants to create an invoice with the financed premium itemized but exclude the financed amount due. You might use this kind of invoice when one or more of the following are true:
- The agency is collecting only the down payment from the customer.
- The premium finance company is paying directly to the carrier.
- The agency is writing a check for only the down payment to the carrier.
See Creating an Invoice for more detailed instructions on creating an invoice in HawkSoft.
Retrieve the client in HawkSoft, and then select the relevant policy tab.
Click Action, and then select one item in each of the first three lists to describe what prompted this transaction.
You can click the Invoice button from the HawkSoft toolbar rather than use the Action menu. Your actions are recorded on a log note, just as they are when using the Action menu.
Click Trust Accounting, and then select Create Invoice.
The New Invoice dialog opens.
Verify the Bill To, Date and Due Date of the invoice.
The Date defaults to today's date. The default due date is set in Trust Accounting Settings.
Leave the Invoice # as TBA.
HawkSoft generates an invoice number when you finish creating the invoice.
Use the Search Agents field to verify that the correct agent is associated with this invoice.
Select an invoice line Item from the drop-down.
You can also type in an Invoice Item name. As you type in the field, HawkSoft will filter the drop-down selection, allowing you to select any matching pre-defined Invoice Items.
This type-along filtering is also available when entering line item Descriptions and split-detail Descriptions.This line item tells HawkSoft how to report and process the invoice, and the Item options are configured by your administrator or bookkeeper. For steps on creating or editing line items, see Trust Accounting Settings.
Verify the Policy matches the policy you are invoicing.
HawkSoft defaults to the currently selected policy.
- Enter Down Payment on Policy #[policy number] in the Description field.
Click the Split Detail icon
in the Amount column to itemize the down payment and financed premium.
The Split Details dialog opens.
- Enter Insurance Premium on Policy #[policy number] in the first line item's Description, and then enter the total amount of the policy premium in the Amount field.
- Conditional: Add a Description and Amount for any fees or taxes which will be included in the check sent to the carrier.
Enter Premium Financed as a new line item's Description, and then enter the amount of the financed premium in the Amount field as a negative number.
The down payment due appears in the Total Line Amount field.
Click Apply Changes to close the Split Details dialog.
Enter any retained commission into the Retained column.
OR
Click the
Calculator button to launch the Retained Commission Calculator dialog.
Verify the Commissionable Premium is correct.
Commissionable premium defaults to the Amount.
Enter the Commission %.
HawkSoft calculates the Retained amount automatically.
OR
Enter the Retained amount.
HawkSoft calculates the Commission % automatically.
Click Save to save the retained amount and return to the invoice.
If the Amount changes after calculating the retained commission, HawkSoft will update the Commission % in the calculator as needed. Retained will not be changed.
You can re-calculate the retained commission by clicking the
Conditional: If any fees are due to the agency as part of this invoice, add a line item on the invoice for agency fees.
Optional: Add a Printed Comment and/or Memo.
Once your invoice is complete, click Save Invoice.
The Created Invoice dialog opens.
Click Close Window.
Click Finish on the Action Menu.
Enter any additional log notes into the Finalize Log window, and then click Save Log.
The invoice is created, as well as a log documenting the invoice, and a PDF copy of the invoice is attached to the log and listed under the Attachments tab. The PDF copy of the invoice displays the itemized premium, minus the financed portion, leaving only the down payment and fees due.
Invoice with check to carrier for total amount due
Use this workflow when all of the following statements are true:
The agency is collecting only the down payment from the customer.
AND
The premium finance company is paying directly to the agency.
AND
The agency is writing a check for the total premium to the carrier.
Follow the steps below to create an invoice to include the financed amount in the total amount due to the carrier.
See Creating an Invoice for more detailed instructions on creating an invoice in HawkSoft.
Retrieve the client in HawkSoft, and then select the relevant policy tab.
Click Action, and then select one item in each of the first three lists to describe what prompted this transaction.
Click Trust Accounting, and then select Create Invoice.
The New Invoice dialog opens.
Verify the Bill To, Date and Due Date of the invoice.
The Date defaults to today's date. The default due date is set in Trust Accounting Settings.
Leave the Invoice # as TBA.
HawkSoft generates an invoice number when you finish creating the invoice.
Use the Search Agents field to verify that the correct agent is associated with this invoice.
Select an invoice line Item from the drop-down.
You can also type in an Invoice Item name. As you type in the field, HawkSoft will filter the drop-down selection, allowing you to select any matching pre-defined Invoice Items.
This type-along filtering is also available when entering line item Descriptions and split-detail Descriptions.This line item tells HawkSoft how to report and process the invoice, and the Item options are configured by your administrator or bookkeeper. For steps on creating or editing line items, see Trust Accounting Settings.
Verify the Policy matches the policy you are invoicing.
HawkSoft defaults to the currently selected policy.
The Description defaults to the description relevant to the selected Item. You can type or select a different Description from the drop-down to provide details on the invoice.
Predefined descriptions, including the default selection, are configured by your administrator or bookkeeper in Trust Accounting Settings.
Enter the full value as a Split Detail Line Item.
The Split Detail feature enables you to break down a single invoice item into related components, such as premium, taxes, and fees for further clarification for your customer. The customer invoice will display the breakdown of the item.
Click
The Split Details dialog opens.
In the first Description field, select Insurance Premium.
In the Amount field, enter the full value of the premium.
Continue entering a new Description and Amount, as needed, for taxes, fees, etc.
Click Apply Changes.
The Amount will be grayed out. To edit the amount, click on
The combined down payment and financed premium appears in the Amount field.
Conditional: If any fees are due to the agency as part of this invoice, add a line item on the invoice for agency fees.
Optional: Add a Printed Comment and/or Memo.
Once your invoice is complete, click Save Invoice to print or attach the invoice.
The Created Invoice dialog opens.
The invoice displays the itemized down payment, financed premium, and any fees entered. This creates a company payable transaction for the total premium due.
Your agency may want to invoice the customer to show only the down payment due. Use the courtesy invoice workflow, as described in the drop-down below, to accomplish this.
Click Close Window.
Click Finish to close the Action Menu.
The Finalize Log dialog opens.
Add comments as needed, and then click Save Log.
The invoice is automatically attached to the lower section of the log note.
To create a courtesy invoice for customer down payment
Your agency may want to create a courtesy invoice for the customer that shows the amount of the down payment only, without affecting the customer balance due in HawkSoft when:
- The agency wants to show premium finance paid with only the down payment due.
- The premium finance company is paying the amount financed directly to the agency.
- The agency has created an invoice for the total premium including premium finance and down payment.
- See Invoice with check to carrier for total amount due for more information.
In this case, use the ACORD Forms menu to create a custom 'Invoice' form, and enter the following information to include only the down payment in the total.
- Retrieve a client file, and then select the policy you are creating the invoice for.
Click Action, and then select one item in each of the first three lists to describe what prompted this transaction.
Select ACORD Forms.
The Edit – ACORD Forms dialog opens.
Click New.
The Select Form dialog opens.
Enter Invoice in the Search field, verify that the Invoice form is selected, and then click the Create button.
If you do not see the Invoice form, click the Category drop down, and then select (All Forms).
The HawkSoft FormWriter window opens with a new Invoice form
The agency mailing information floods from your agency settings.
The Bill To: field defaults to the customer.
- Conditional: If your agency uses invoice numbers for courtesy invoices, enter an Invoice #.
Conditional: If you are backdating or post-dating the invoice, update the Invoice Date field.
The Invoice Date defaults to today's date.
- Enter the Due Date.
- Enter the Policy Type in the first line item.
Verify the Company name is correct, and enter "Premium" after the carrier name.
The Company name floods in from the selected policy.
- Verify the Policy Number is correct, and then enter the total premium in the Amount column.
On the next line item, enter Down Payment in the Company field.
Enter the Amount of the financed premium as a negative number.
- Enter the down payment amount in the Sub-Total field.
- Enter the total amount of Sales Tax and Fees due (such as agency fees or broker fees), if applicable.
Enter the combined amount due from the Sub Total, Sales Tax, and Fees fields into the Total field.
The Total field is not automatically calculated based on the invoice. You need to calculate the total manually.
- Optional: Enter comments in the unlabeled field, as needed.
Click Print/Send/Attach.
The Print or Send Document dialog opens.
This dialog enables you to email, print, and attach the invoice, as well as send the invoice for signature.
The following options can be applied to your document before you email, print, send for signature, or attach.
You can use the Back button at the bottom of the dialog to return to your form if additional changes are needed.
Example: You can perform any action, such as attach the form, and then go back and modify the form and attach the modified copy as well.Apply Agent Signature on Action
HawkSoft enables you to select an electronic signature from the Apply Agent Signature on Action drop-down list to add to forms that have an Agent or Producer Signature field.
You must have a signature stored in your HawkSoft profile to use this feature. See My Account Information and Signature to add a signature to HawkSoft.
In addition to your own, signatures for other users are available from the drop-down list if they have been shared with you.
See My Account Information and Signature for more information.Page Range
Select the specific pages to be included with any of the actions selected below. For example, if a page of the form has exclusions that don't pertain to your state, you can remove that page before sending or printing the form.
Click to see your signature or to verify that you have selected the correct pages.
Attach a copy of the document to the client file on action below
Select this check box before emailing, printing, or sending the document for signature, and if you want to attach a copy of the document to the client/policy Attachments tab when you are done performing actions.
HawkSoft recommends attaching a copy to the client/policy Attachments tab.
Click to open the Edit Attachment Properties dialog to assign a task, modify the Description, as well as other modify attachment details, as needed.
Available Actions
Select any or all of the actions below, as needed. You can select each action in any order. After each action, you will return to the dialog to perform additional options.
A ✓ check mark appears on each action button when completed.
Send Email – The Email Recipients dialog opens. Select the recipients that you want to send the document to. See Email Overview for detailed instructions.
A copy of the email, containing the attached document, is saved to the client/policy Attachments list if the Auto Attach Sent Emails setting in General Settings is checked.
See User Email Setup to configure HawkSoft to send emails through your email provider.
Print Copy – The Print dialog opens. Select printing options, and then click Print.
Send for E-Signature – The Send Document for E-Signature dialog opens. Add signers and email addresses, select a template or enter a message, and drag and drop additional documents to send for signature as needed.
See E-Signature Overview to set up integration between HawkSoft and your e-Signature provider.
Attach Copy – The document is saved and attached to the selected client/policy Attachments tab.
If the Attach a copy of the document to the client file on action below option was selected before performing any of the above actions, a green checkmark indicates that the document has already been attached to the client/policy.
Click OK to close the Edit - ACORD Forms dialog.
The Action menu opens.
Click Finish.
The Finalize Log dialog opens.
Add log comments and create a Task as needed, and then click Save Log.
Your courtesy invoice will be attached to the policy and to the log note.
See Email Overview to learn how to send this invoice to a client via email through HawkSoft.
Required permissions
In order to complete this task, user permissions must be set to include:
Client Actions > Action Menu
Accounting > Enable Client Trust Accounting
Accounting > Allow Invoice/Credit Memo Creation
See User Permissions for more information.
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