Batch posting allows you to post and update multiple cash receipts to multiple insured accounts, one after the other in a batch process.
Note: You must have the authority, "Policy Payments," (Accounting group) prior to accessing or doing this function.
From the Accounting button, click Policy Payments. Once the Policy Payments screen displays, select Add Payments.
Make the following entries and selections:
Lookup By: Select the manner in which the cash receipt is being posted by selecting either: Policy Number, Policy ID, Billing Account ID, Suspense Account ID or Employee ID (for Payroll Deduction policies). Enter the full value of the Lookup criteria in the field to the right and press the <TAB> key. Based on the criteria entered, Diamond displays all pertinent information in the lower part of the screen.
Payor: If Suspense Account ID is chosen as the method of posting, a Payor button is enabled. You must enter the Payor Information on the screen returned.
Check Date: This is the date the check is posted to the system. By default, the date is displayed as the system date.
Amount: The amount defaults to $0.00. Enter the dollar amount being applied for payment.
Payment Method: Select the appropriate means by which the payment is being made from the combo box (i.e., insured's check, agency check, cash, E-Check, etc.).
Credit Card Information: If the insured chooses to use a credit card to make policy payments, the screen is refreshed with fields to enter Credit Card information.
Check Number: Enter the check number on the client's check or, if cash, some meaningful reference relating to the payment.
Account Payment: If this payment is part of a billing account (i.e., an account containing multiple policies), a check mark can be defaulted. To default the check mark, the system setting, “Default Payments To Account Level," in the Billing / Payments folder must be set to "True" (Enable). When checked, the payment is applied to any policies in the selected policy's billing account that has an open Billing Account invoice. Billing account payments are posted proportionally to each policy in the billing account with an open invoice based on the total amount invoiced. If a non-account payment is made on a policy in a billing account, the system still checks to see if that policy has any open invoices and the payment is applied to those invoices. If a policy is unlinked from a billing account, but still has open billing account invoices, when payments are made on that policy, the system checks to see if the policy has open invoices and pays those off accordingly.
Save Payment: Once all entries and selections have been made, select the Save Payment button. The cash receipt is placed in a batch. The screen is refreshed for the next payment.
Repeat the procedure entering the Lookup value, Check Date, Amount, Payment Source and Credit Card Information / Check Number. Click the Save Payment button after each cash receipt is entered.
When the last cash receipt has been entered, select Return. This displays the Policy Payments screen with all cash entered in the batch displayed.
Located at the top of the screen is a Calculated Batch Total field. This is the sum of all cash receipts entered in the batch. This amount should be verified against each entry made from all individual checks and receipts received.
If all entries match:
Required Batch Total: Enter the corresponding total of all receipts posted in the batch in the Required Batch Total field and select Post to update the batch.
When Post is selected, click Yes to the question: "Post Payments?" If the entry in the Required Batch Total field matches the Calculated Batch Total field, all cash is posted and updated to the appropriate insured accounts. If the Required Batch Total field does not match the Calculated Batch Total field, Diamond displays the error message: "Calculated total does not equal the required batch total. Payments cannot be posted until required totals equal calculated batch totals." Select OK. Review the dollar amount entered in the Required Batch Total field and make an amended entry.
A table has been added to the Company Static Database called Billing Account Payment Order which has two fields: lob id and payment order. This table is used to determine which policy receives the overpay amount when a billing account payment is made for more than the amount of open invoices on the billing account. For instance, if over payments should be applied to personal policies first, then the lob id for auto would be entered in the table, and payment order would be set to "1" and so on. The over payment is then applied to the “first” (the policy with the lowest policy number) active auto policy in the billing account.
This table is also used to determine which policy in a billing account is charged the NSF fee when an NSF is done on a Billing Account payment.
If an incorrect cash receipt is found on the Cash Entry - Policy screen prior to using the Post button, perform the following:
From the Policy Payments screen, click the Pencil (for Edit).
Make changes to any of the following fields:
Payment Source: Select the correct Payment Source from the combo box.
Check Number: Make a different entry, if necessary.
Amount: Enter an amended amount to reflect the correction, if necessary.
Save Changes: Select Save Changes to retain the correction that is being posted to the insured's account.
The Calculated Batch Total displays the amended amount that includes the edited cash receipt's new total. If all entries are correct, enter the corresponding total of all receipts posted in the batch in the Required Batch Total field.
Select Post to update the batch; all cash receipts are applied to the insured accounts if the amount in the Required Batch Total field matches the amount in the Calculated Batch Total field. The Policy Payments screen clears.
Deleting a batch payment must be done prior to selecting Post. Once Post is selected and the Required Batch Total field matches the Calculated Batch Total field, all receipts are updated and applied to the appropriate insured accounts. Deleting a batch payment suppresses the payment from this batch of cash. It does not delete the amount owed from the system.
From the Policy Payments screen, place a check in the box opposite the cash receipt or cash receipts requiring deletion.
Click Delete Selected.
Answer OK to the confirmation question: "Delete selected Policy Payments from the queue?" The cash receipt / receipts are deleted from the screen.
Once all entries have been verified for accuracy, enter a new amount in the Required Batch Total field. Select Post to update the batch; all cash receipts are applied to the insured accounts if the amount in the Required Batch Total field matches the amount in the Calculated Batch Total field. The Policy Payments screen clears.
The Import Cash Receipts function is used for batch cash receipts, using the Retail Lock Box feature in Diamond. When using this feature, records are transferred from a retail lock box and placed in text format into one (1) of Diamond's tables.
When Import is selected, all records held in the specific table are presented on for posting. This prevents you from having to enter cash receipts manually. You need only verify the dollar amounts for each policy number.
Once completed, enter an amount in the Required Batch Total field and select Post to update the batch to insured accounts.
Note: The Import function is only active when a company is using the Retail Lock Box feature. This is a company specific feature. Pre-installation and planning are required prior to its use.