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General Policies, Posting Instalments

Why Use Instalments?

A single invoice creates fewer accounting transactions and is easier to find and check what’s still outstanding (i.e. via the Sales Ledger fields for original “Debt” and still “Due”). A single invoice (e.g. for £100 dated January) can also be settled via a number of Cashbook receipts (e.g. 10 payments of £10 each, made monthly from January to October). So even if your client wishes to settle by instalments there is no need to use the “Instalments” button. However the above example would result in all the invoiced income, as shown in the Profit & Loss report, appearing as £100 in January. If instead you wish £10 income to appear in each month (i.e. matching the received payments), then you’ll need to create 10 monthly invoices. In this case you will need to use the “Instalments” facility, which is activated via the “Instalments” button at the bottom centre of the “Premium Details” screen, shown below.

The “Instalment Details” Dialogues

The “Instalments” button activates the two “Instalment Details” dialogues, shown below. In the first you specify the number of instalments and the period between them (e.g. 30 days, 1 month, etc). You should also click and thereby tick boxes to indicate whether you want instalment invoices for the policyholder, insurer and / or the advisers and leads. Then click the “>” next to the tick to activate the second dialogue, where you can check and / or set the instalment sums.

Edit the “Initial amount”, as required, after which you should click the “ReCalc” button to recalculate the other instalments. If you’re entering a policy part-way through the instalment process you can double-click any line and mark it as already “Posted” (i.e. so no new invoice is generated for that line). To unmark a “Posted” line, that you may have marked by mistake, simply double-click it a second time.

On the final policy posting screen (see Policies, Posting to Accounts) you can choose to post the instalment “Initial amount” immediately by ticking the “Include instalments” box. Otherwise the posting of this and all other instalments is controlled via the “General / Instalments” options accessed via the “Signpost” button on the Scrolling List of Policies (see below).

Checking & Posting Instalments

To check or post instalments, starting from the Main Menu…

  • Click the “Policies” button
  • Click the “Signpost” button
  • Click “General”
  • Click “Instalments”
  • Click either “Report” or “Post”
  • The “Report” dialogue is shown below. It allows you to check…

  • The type of policies to include (e.g. Motor), and
  • The Insurer to include (e.g. Norwich Union)
  • …or…

  • Whether to use the policy “MS” or mailshot marker as the means for selection
  • …then…

  • The date range for the instalments
  • Whether to include “Not-posted”, “Posted” or “All” instalments
  • Whether to include instalments for the “Policyholder”, “Insurer”, “Adviser & Lead” or “All”
  • Whether to include instalments paid by BACS or otherwise 
  • The “Post” dialogue is less complex, allowing you to…

  • Post all or just selected types of business (e.g. Motor)
  • Post outstanding instalments up to a date
  • Optionally add the instalments to the BACS file (see Policies, General, BACS)