“Wonderful And Very Helpful Support In Learning The Processing Of Direct Bill Commission Statements”

“Wonderful and very helpful support in learning the processing of Direct Bill Commission Statements.”

Kimberly has been a wonderful and very helpful support in learning the processing of Direct Bill Commission Statements. She is patient, explains well, quick to respond and provides resource links, pages as attachments, screenshots and such for referencing as reminders and visual helps. Thumbs up to Kim!

Keven
Agency Systems Customer Since 2017

Automatically Create Trust Accounting Reports

The reconciliation functions in Newton provide the ability to generate reports from the archive of processed items. The reconciliation functions can also be configured to automatically create and store .PDF copies of the trust accounting reports as each item is processed.

Automatically create trust accounting reports

The .PDF copies of the automatic trust accounting reports can be stored on the various attachment bands within Newton (Client Tab -> Attachments, Company Tab -> Attachments), or externally in a user-specified folder.

  • Reconcile Producer Payables can optionally email the producer’s .PDF report in addition to placing the .PDF archive in the user-specified Archive folder.
  • These settings apply to both individual reconciles and Batch Reconcile Company/Producer Payables.
  • The automatic actions do not require any additional steps, clicks, or prompts during processing.
Automatically Create Trust Accounting Reports
Automatically Create Trust Accounting Reports
Reconcile functions with automatic actions:
  • Bank Deposit Wizard
  • Bank Reconcile
  • Client Receivables
  • Company Payables
  • Company Receivables
  • Producer Payables (Includes .PDF or email)

Configure invoice reconcile actions

  1. Select AP -> Reconcile Payables.
  2. Select Other -> Select Actions When Reconcile Completes…
  3. Check to enable or disable the different report options. If Save report to archive is selected for any option, select the desired Archive Folder.
    Configure Automatic Actions
    Configure Automatic Actions

    (Each Newton user can have a different archive folder, providing the option to store the files in a secure local folder on the workstation.)

  4. Select OK.

Reconcile Payables – Batch Processing FAQ

Newton contains batch processing options for both Company Payables and Producer Payables. This feature is designed to save the accounting operator time by searching all profiles for any outstanding invoices in a single step.

The batch process will search all companies or producers in the date range specified, saving a reconcile in progress for each individual code.


What is the difference between pay trust amount and pay full amount?

Pay trust amount will only pay a percentage of the amount due based on the amount received from a client (agency bill), or from a company (direct bill). Paying trust amount is common for producer payables to ensure you only pay on invoices which have been paid by the client (agency bill), or company (direct bill) .

Pay full amount will pay the full company payable balance for agency bill invoices, regardless of the client balance. It will also pay the full remaining producer payable balance if the invoice has been paid in part or in full by the client (agency bill), or company (direct bill).


Will the payable checks be created without review?

No. The batch create reconcile screen will simply search for all outstanding invoices based on the selected filters. Once found, the results will be displayed for review prior to processing.


Can the batch process be used without creating the checks in a batch?

Yes. Reconcile payables batch can be used to only find the invoices if desired. It is recommended to use the Reconcile Payables batch interface to start your monthly reconciles, even if they will be processed individually. Instead of searching for outstanding invoices for each code individually, the Batch Create Reconciles screen will search all profiles automatically.

Once found, individual payables can be reviewed and adjusted using the same standard reconcile payables interface. The standard reconcile screen can be accessed from the batch process reconcile screen, or by resuming a saved reconcile in progress (Other -> Reconcile Payables -> Load a reconcile in progress).


What is the difference between the Producer Statement and Reconcile Producer Payables?

Newton can handle both balance forward and open-item accounting. The producer statement is a balance forward report, while reconcile producer payables is an open-item accounting report.

In a balance forward accounting system, all payments and invoices are applied against the total balance owed on the account. In balance forward accounting, you make no attempt to specifically pay the individual invoices. The payments simply reduce the total balance owed by the amount paid.

In an open-item accounting system, all payments are recorded against specific invoices. Reconcile Producer Payables will only show invoices still due to the producer, where the client has paid or the company has paid in full, or in part. Reconcile Producer Payables can be used to pay the trust amount, or only a portion of the total amount due, based on the receivable balance. All payments are applied directly to invoices, allowing the agency more specific reporting and control.


Adjust Premium and Commission on Existing Invoices in Closed GL Periods

When an invoice is entered, multiple receivables and payables are created based on the invoice type, and the amount of agency and producer commission.

Sometimes, one or more of the values are entered incorrectly, and need to be adjusted, but the original invoice is in a closed general ledger period.

Adjustments can be created with standalone invoices, or on-the-fly through reconcile.

NewtonWikiLogo Visit the Newton Wiki for additional details


Video: Adjust Premium and Commission on Existing Invoices in Closed GL Periods

Client Payment Processing for Direct Bill Policies: Cash Transmittal

This procedure outlines how to receive a client payment on a direct bill policy. This single process will create a cash receipt, and create a check to the direct bill carrier matching the transmittal cash.

If your Agency also charges a fee for processing direct bill payments, use the Cash Payment Fee Wizard to generate the fee invoice with the cash payment on-the-fly.

NewtonWikiLogo Visit the Newton Wiki for additional details


Video: Client Payment Processing for Direct Bill Policies: Cash Transmittal