Note: You will need some of the Billing authorities to import and post lockbox payments. Also, you must have authority rights to access Diamond Administration: Retail Lockbox if you are importing payments from your financial institution.
Your company may elect to have receipts processed by a 3rd Party financial institution or other vendor type. The Retail Lockbox functionality in Diamond is two fold:
Manual Entry (via Cash Entry screen), or
As an interface that allows data to be imported into the system, posting a record of the receipt per policy through "Batch" submission (via Accounting / Policy Payments / Import Cash).
The "Manual" entry of a retail lockbox payment is done on a per policy basis on the Receipt Information screen. To post a "Manual" lockbox receipt:
Access the client's policy for which the payment is being posted.
Select Billing from the Quick Links Tree View.
Next, click Make a Payment on the Statement Display screen.
On the Receipt Information screen:
Amount: Enter the amount of the payment.
Payment Method: Select Retail Lockbox from the combo box.
Check Date: Defaults to the system date; user can override.
Check Number: Enter the check number for the payment.
Click Submit Payment.
When the Statement Display screen returns, a line is added showing the amount applied and has the description: "Retail Lockbox."
Prior to using this function, your company must provide your financial institution with the policy id and the policy number for the remittance slip. This can be done on the scan line of the invoice.
When "Batch" posting, there are two (2) applications involved:
Diamond Administration: Retail Lockbox - This is a utility used to import the actual file or files from your bank.
Diamond: Accounting / Policy Payments / Import - This finishes the import and applies the individual lockbox payments to a customer's policy.
Access Retail Lockbox from the Diamond Administration Tree View.
To begin the import process:
Retail Lockbox Type: Choose your bank's name from the Retail Lockbox Type combo box.
Browse: Select the Browse button.
When the Select Retail Lockbox File screen displays:
Look In: Select the directory / folder combination the file is being imported to.
Highlight the file in the folder, placing its name in the File Name field in the lower part of the screen.
Click Open.
The Import Lockbox Data screen returns with the selected file name displayed.
Next, click Add to move the file name to the list view in the lower part of the screen. If more files need to be imported, repeat the steps listed above.
For a file you do not want to import during this session, highlight the file in the list view and choose Remove. Respond Yes to the confirmation question: "Remove file <Name of File> from the list?" The file will not be imported.
After all files for import have been added and appear in the list view on the Import Lockbox Data screen:
Choose the Begin button.
Answer Yes to the confirmation question: "Begin Retail Lockbox Import?"
The import then begins. You will not see any messages until the files have been completely imported.
At the conclusion of the import, click OK on the information screen indicating: "File Imported Successfully."
To finish the import and apply the individual lockbox payments to a customer's policy, go to the Diamond Home Page: Select Accounting / Policy Payments.
From the Policy Payments screen:
Click Import.
On the Importing Payments screen, select Begin.
As the import process begins, users see information referencing the file being imported from Diamond Administration. More than one (1) file can be imported at the same time. This screen allows users to view all records that have been imported. The date and number of batches can be used to check for multiple files.
When the import is finished, select Close.
The Cash Entry - Policy screen returns. All transactions imported are displayed.
Enter the total amount of the batch in the "Required Batch Total" field.
Click the Post button. This updates the receipt details to the appropriate policy billing statements.
When complete, the system returns an information screen indicating the posting process is complete. Click OK.
The imported retail lockbox entries can now be viewed on their respective Policy / Billing Statement Display screen.
Any payment amount can be accepted including partial and over payments.
Over payments received are applied to the next "Future Amount Due."
If there is no "Future Amount Due," the policy shows a credit balance. You must disburse a credit balance manually.
Individual retail lockbox entries can be reversed from a policy if an incorrect amount was applied. This is done using the Reversal Adjustment.