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General Policies, BACS

The BACS (i.e. Bank Automatic Clearing System) facility may optionally be used in addition to single and / or instalment invoices to generate a text file for transmission to your bank, via third-party software, which will automatically settle those invoices. Your bank typically provides the third-party software (e.g. Barclays). The file that is generated can be added to over a period of days, getting cleared after each transmission. For security purposes, a history file is also kept, which retains the details of all transmissions.

Creating a BACS Entry

Click the “BACS” button at the bottom centre of the Premium Details screen to create a BACS entry. Whether you’ve set-up the premium to be paid by single invoices or by instalments each will be added to the BACS file when it is posted to the accounts. Moreover you can choose to pay or receive certain elements by BACS (e.g. the client invoice, as shown below) but still pay or receive other elements normally (e.g. not the insurer or adviser ones). To set-up a given element (e.g. the client’s invoice) to be settled by BACS…

  • Click the “BACS” button to activate the “BACS Details” dialogue, below
  • Click and thereby tick the elements to be processed automatically (e.g. “Policy holder”)
  • Enter the bank account name (e.g. “AARON F & G”)
  • Enter the bank account number (e.g. 3235266)
  • Enter the bank’s branch sort code (e.g. 30-18-64 but without dots or dashes)
  • Select the “Transmission code”, using…
  • o 17 – Direct debit to create an automatic invoice for payment TO you (e.g. for the client’s invoices)

    o 99 – BGC (Bank Giro Credit) to create an automatic credit note to be paid BY you (e.g. for the insurer’s invoices)

  • Optionally enter a reference to help you recognise the transaction (e.g. BMW 320 INSURANCE, which is in addition to the account name)
  • Click the “OK” button
  • Posting BACS Invoices

    Once an element (e.g. the client invoice, shown above) has been set-up for BACS it will automatically be added to the BACS file during the posting process, regardless of whether it is for a single invoice or for instalments. Posting is done either via the final policy posting screen (see Policies, Posting to Accounts) or via the “Signpost” button on the scrolling list of policies, followed by the option for “General / Instalments / Post” (see Policies, General, Posting Instalments). On both the resulting “Policy Post To Accounts” and “Post Instalments” dialogues (shown below) simply leave the “Add to BACS file” tick in place. The only reason ever for clearing this tick would be to recreate invoices that had been deleted by mistake without repeating them through the BACS system.

    Checking & Processing the BACS File

    There are two BACS files, called BACS.TXT , which holds the current transactions to be processed, and BACSOLD.TXT, which is an historic record of all transactions that have been processed. Both of these may be found in the Durell data folder, typically called “IMW-DATA” and found in the root of your shared data drive (e.g. F:\IMW-DATA). When using third-party software to process your BACS payments you should refer it to the BACS.TXT file, then after successful transmission return to Durell to “Start new BACS file”, as described below.

  • Click the “Policies” button
  • Click the “Signpost” button
  • Click “General”
  • Click “Instalments”
  • Click “BACS”
  • Then either….
  • o Click “View current” to view the current BACS file (example below)

    o Click “View history” to view the on-going historic record of all previously processed BACS payments

    o Click “Start new BACS file” to add the current BACS file details to the historic one, then clear the current file