You’ll find a “Premium Details” screen, as illustrated below, towards the end of each general insurance policy, which you can move to via the “PgDn” key on your keyboard, or the black “Curve-Right Arrow”
The original “Invoice” amount and the “Total invoice after MTAs” are both highlighted using the “Search field” colour specified in “Set-up, Colours”
Before entering the premium you should see a figure already entered in the “IPT rate %” drop-down field (e.g. 5.00). If it’s missing or incorrect refer to Set-up Tax & Euro
Similarly you should see a figure already entered in the “Commission %” field. If not, you can choose to either…
You can enter the premium in any of the following fields down the left side of the screen (referring to the example above)….
If you enter or change the insurer’s NCD % rate then the system will automatically calculate the NCD amount (and vice versa) along with the IPT amount and premium after NCD.
If you change the IPT amount the system will automatically recalculate the IPT % rate, and vice versa.
If the insurer makes a charge then you should enter it in the appropriate field (e.g. £10 in the illustration below) along with any VAT, if applicable (e.g. £1.75). If the insurer gives commission on this charge (e.g. 20%) then that should be entered manually in the “Comm on insurer charge” field (e.g. £2.00) without any reference to the rate. The system will automatically calculate the “Nett, IPT and insurer” value to include the “Insurer VAT” figure along with the “Insurer charge” net of the “Comm on insurer charge” (e.g. £9.17).
Use these fields for any charges imposed, or rebates given, by the brokerage. A charge can only be positive, and a discount will always be negative. If for example, the brokerage chooses to sell a policy net of commission then in reality it will still earn the commission from the insurer, but will offset this by a “Brokerage discount” of the same amount. If your brokerage is VAT rated then you should use the “>” button to the right of the “Brokerage VAT” field to calculate its value.
You may additionally choose to hold your client’s DD details, as shown below, via the “DD details” button at the bottom of the screen…
But note that in order to enter or view this highly sensitive information you would need your access right for “Policy DD details” set, as shown below…
General, Premium, Payment Methods & Date
General, Premium, Posting Instalments
General, Premium, BACS