This article provides an overview of the different types of payment transactions and the tools to manage payments, invoices, unapplied payments, and credits.
These transactions can be managed from either the Payment dialog or the Invoices and Payments dialog, depending on which of the following tasks you want to accomplish.
- Create a simple customer receipt when the customer pays the exact amount due.
- Process complex transactions with partial payment or overpayment on an open invoice, creating a credit to be applied later.
- Create transactions for instances when your agency advances money, paying the carrier on behalf of the customer, or leaving a balance due to the agency from the customer.
When using the Payment dialog, the transaction is documented as an attachment and in a log note for the policy. HawkSoft also adds the transaction to the Review Trust Accounting Report.
Creating a Customer Receipt
Processing a payment receipt for premium, taxes, and fees due, is the most common procedure in the Payment dialog. The customer's receipt includes details for the transaction, such as pay method, description, and amount overpaid when an amount received is more than the amount due, as well as how the overpayment will be credited or refunded.
Creating a Direct Bill Customer Receipt
Advanced Premium Receipts
HawkSoft enables you to create a receipt when advancing a premium payment to a carrier on behalf of an insured. This type of transaction is included in the Trust Accounting Report to be exported to QuickBooks.
Client Credit Receipts
A customer receivable credit is created when a payment is received from a customer, but the payment is not applied to a policy. Rather, the agency holds the funds in the agency Trust account to apply it at a later date.