Additional Payments

The Additional Payment activity applies any premium payments made by the policy holder. After processing an Additional Payment activity a Commission activity is automatically generated. Also for illustrative purposes, the Product Template Variable policies that are for XC Class policies also automatically generate a Bonus activity after the Additional Payment processes.

The following fields are required when setting up the Additional Payment activity.

Effective Date - the policy effective date.
Gross Amount - the amount to be applied.
Funding Method - the method of payment made by the client.

You may change the default allocations that the payments should be applied to in the Allocation(s) section.

Steps to Create Additional Payments Activity

Search for the policy you want to work with.
Select Activities from the left navigation menu.
Make sure the first three activities to open the policy have already been applied (Submit, Initial Premium and Issue).
Select Add Activity on the Secondary menu.
Select Additional Payment from the activity drop down box.
Enter the gross amount and funding method.
Click Allocations at the top of the window.
Enter the number of funds.
Select the Allocation method from the drop down box.
Enter the percent of money that should be applied to each fund. You can select the Equal percent check box if you want the money to be divided equally between an even number of funds.
Click Suspense at the top of the window.
Enter the suspense number of the suspense account where you want to assign the money. You can search for an existing suspense record in the search field, or you can create a new suspense record.
Click OK. The Activity screen will display with the Additional Payment activity at the top of the activity list.
Click the lightning bolt icon next to the new activity. Your activity will process.

Note: If the warning icon appears next to your new activity, then you did not configure the activity correctly. Click the warning icon for additional details.

Note: If you need to remove or reverse this activity, you can view the accounting details of the processed reversal or delete by selecting Shadows and Reversals on the Activity screen and then Refresh. Click the Activity Details icon next to the appropriate activity and then click the Accounting link.