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.

Introducing Voucher Invoices

Expense accounting with Newton by Agency Systems has been revamped this year by introducing voucher invoices – a simple and user-friendly way to track and pay a variety of agency bills and expenditures.


Creating a Voucher

A voucher is a non-policy related invoice with expense distributions, typically recorded to the “vendor payable” general ledger account. Entering the distributions for a vendor payable invoice has never been easier. The universal drop-down lists used to select general ledger accounts do not require any knowledge of existing general ledger codes. Simply enter the name of the account, and the drop-down list will automatically filter and display the items with partial or complete matches.

Voucher-create-glfilter


Paying a Voucher

Voucher invoices are created when an expense is received, and can be paid immediately or at a later date.

Voucher-pay

Since the payment is now separated from the expense entry, multiple voucher invoices can be paid with a single EFT or printable check. This enables an unlimited number of expense distributions and voucher invoice descriptions to be included with a single entry.

Voucher-pay-multiple


Using a Voucher Template

Voucher templates simplify recurring expense entries, and are now more efficient and easier to update on-the-fly. After a template has been created, just enter a vendor code and select the saved voucher template from the next drop-down list.

Voucher-create-template-use

After selecting the template, all of the stored general ledger distributions and amounts will display. To update a value, simply change the dollar amount – no need to re-enter any of the values for that expense.

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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.

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

Create and Process Return Premium Invoice

Cancelling an Agency Bill policy involves:

  • Processing the policy cancellation
  • Creating the cancellation invoice
  • Receiving the return payment from the company
  • Issuing the return premium check to the client

Although some companies will simply credit the accounts current, this process outlines the company payment when a single return premium invoice amount is issued by the company to the agency.

The same steps outlined can also be used for credit endorsements due to a reduced premium.

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Video: Agency Bill – Cancel a Policy and Payment Processing