Managing Scheduled Payments

A payment plan is selected for a quoted transaction, which produces a series of dated charges on binding the transaction.  The payment schedule can be adjusted, allowing the redistribution of any remaining payments.

1. Open a bill to party record and navigate to the Scheduled Payments page.  See Viewing and Navigating Bill To Party Information for instructions.

2. Enter the Search Criteria.  Fields marked with a red asterisk * are required.

   

   Policy	Select a policy term to view the charges associated to all transactions within that term.
   Policy Term ID	This field displays the term ID for the selected policy term.  This field is filled in after clicking Search.
   Include Invoiced Unpaid Charges	By default, the search only displays charges that have not yet been invoiced.  Checking this option includes charges that have been invoiced, but no payments have been made for those invoices.

3. Click Search.  The Scheduled Payments panel appears with the results.

   

   Current Payment Plan	Displays the payment plan that was chosen for the selected term.
   Transaction ID	Displays the ID of each transaction within the term.
   Transaction Type	Displays the type of each transaction within the term.
   Coverage	Displays the premium type associated to each charge.
   Charge Date	Displays the date that each charge is applied and becomes ready for invoicing.
   Gross Premium	Displays the gross calculated premium, including commissions, but not including taxes or fees.
   Net Premium	Displays the net calculated premium, not including taxes or fees.  The commission amount is included unless the Agency Bill option has been enabled, meaning the charges are intended for the distributor.
   Tax Amount	Displays the calculated taxes and fees associated to the charge.
   Currency	Displays the currency of the charge.
   Status	Displays the current status of the charge.
   Booked	These charges have not yet been invoiced.
   Invoiced	These charges have been invoiced, but no payments have been made on the associated invoices.  These charges are only shown when Include Invoiced Unpaid Charges is checked.

   The Total line displays the total amounts for the Gross Premium, Net Premium, and Tax Amount columns.

4. Click Re-Schedule Payments to change the payment schedule, or click Close to return to the Bill to Parties list.

   On clicking Re-Schedule Payments, the Payment Scheduler window opens.

   Note: Re-scheduling payments applies to all charges returned by the search.  Any filters applied to the payments list will not omit charges from the new schedule.

5. Complete the necessary information.  Fields marked with a red asterisk * are required.

   

   Policy Number	Displays the policy number for the charges.
   Effective Period	Displays the effective period of the policy.
   Current Payment Plan	Displays the current payment plan for the charges.
   Payment Start Date	Select the new date for the first payment.  This date must be within the Effective Period. The date can be entered manually or selected from the calendar lookup .
   Payment Plan	Select a new payment plan.
   Apply to New Policy Transactions	If checked, the new payment plan will be applied to new transactions created within the selected term.  If unchecked, the original payment plan will be used.

6. Click Preview to view the new payment schedule, or click Close to close the window.  Clicking Preview displays the Payment Schedule list.

   

   Some columns have been hidden.

   Transaction ID	Displays the ID of each transaction within the term.
   Transaction Type	Displays the type of each transaction within the term.
   Coverage	Displays the premium type associated to each charge.
   Charge Date	Displays the new date that each charge is applied and becomes ready for invoicing.
   Gross Premium	Displays the gross calculated premium, including commissions, but not including taxes or fees.
   Net Premium	Displays the net calculated premium, not including taxes or fees.  The commission amount is included unless the Agency Bill option has been enabled, meaning the charges are intended for the distributor.
   Tax Amount	Displays the new calculated taxes and fees associated to the charge.
   Currency	Displays the currency of the charge.

7. If the new charges are acceptable, click Commit to apply the new payment schedule.  To view the charges with different settings, make any changes to the General Information panel and click Preview.  Click Close to close the window without applying any changes.

   If any invoiced charges are re-scheduled, the system will automatically create a credit charge and credit invoice to offset the original invoiced charges.