About Billing and Accounting

In addition to billing the insured, agent or account, Diamond offers the following accounting functions:

• Cash Receipts

• Agency Receipts

• Agency Commission Payments

• Cash Adjustments

• Billing Transactions

• Suspense Accounts

Most billing and accounting processes are performed from the Statement Display screen; however, from the Home Page, selecting the Accounting menu option displays a drop down having the following options:

• Agency Activity: Allows users to view a selected agency's activity within a given time frame.
• Agency Bill Activity: Shows agency billing information by Billing Method (Agency or Direct Bill) within a selected month.
• Agency Payments: Allows users to record payments made to an agency.
• Agency Receipts: Used to record payments received from an agency.
• Batch Waive: Allows you to waive outstanding balances on policies that are canceled or non-renewed for a specific date range.
• Policy Payments: Allows users to post and update multiple cash receipts to multiple insured accounts, one after the other in a "batch" process as opposed to single entry cash receipts.
• Suspense Account: Lets users process any payments that cannot be directly associated with an existing policy in Diamond and capture the data regarding these payments for reporting purposes.

Billing Methods, Pay Plans and Payment Options are selected for a policy by choosing Billing Info on the My Navigator Tree View.

Billing Methods

Two (2) billing methods are available:

• Direct Bill - Allows a company to send all invoices directly to their insureds.

• Agency Bill - Allows agencies to collect premiums directly from their insureds.

Pay Plans and Payment Options

Each company using Diamond may vary in the types of Pay Plans and payment options used. Refer to Pay Plans and Payment Options for more detailed information.

Types of Pay Plans (Examples)

• Annual Pay Plan

• Semi-Annual Pay Plan

• Quarterly Pay Plan

• Credit Card

• Monthly EFT Pay Plan

• Payroll Deduction