Add a Transaction - Instalment

Note: If none of the preconfigured instalment plans have the appropriate frequency or if you wish to enter the date for each instalment manually, you have the option to create a custom installment plan.

1. At Home Base click Clients & Files.
2. Select Customers from the dropdown menu above the list.
3. In the list, select the customer and click the Invoices button.
4. Click the Options button, and then click Add a Transaction to display the Enter New Transactions window.
5. Click the Instalment Plan radio button.
6. Click the policy associated with the transaction.
   Note: If you are billing a package policy as a whole, make sure that the PCKG line is selected. If you are billing each line separately, select the appropriate line.
7. Click OK to activate the Enter Instalments screen.
8. Select the instalment plan's Frequency (Monthly, 60-Day, Quarterly, 40-30-30, Semi-Annually, or 3-Year) from the dropdown menu.
9. Revise the number of Cycles (the number of months over which to invoice the premium) if desired. The number of cycles does not include the down payment.
10. Enter the desired Print Date and Effective Date.
11. Double click in the Tran field to display the Transaction Type window. Click here for more information on the available transaction types.
12. Locate a transaction type by using the scroll bars or cursor keys to move up and down. Select a transaction type and click OK.
    
    Note: Click Show Policy Information to display the General Policy Information at the bottom of the screen. Click Hide Policy Information to hide it.
13. Enter a description in the Description field.
    
    Note: You can use the Description Macros to automatically add certain types of data to transaction descriptions. To do so, right click in the description field where you would like to insert the data, select Description Macros, and choose one of the following (or simply type the keyboard shortcut, which is shown in bold type for each of the macros below):
    • Month-Short &m&
    • Month-Long &M&
    • Calendar Quarter &q&
    • Policy Type &t&
    • Customer Code &c&
    • Policy Number &p&
14. Enter the transaction amount in the Amount field.
    
    Because you are using a predefined instalment plan, you only need to enter the initial transaction for the full premium. From that transaction, TAM creates the installments at the appropriate future dates depending on the instalment plan chosen.
    
    To enter individual instalments manually, type the Transaction Type, Description, and Amount of each installment in the rows provided.
    
    You can check View additional information to access columns displaying the print date and due date for each installment.
    
    Note: Click the Delete Row button to delete the highlighted instalment in the list.
15. Enter or revise the Policy Premium if necessary.
    
    If you are entering a FIN transaction, enter the amount of the premium being financed.
    
    If you are entering the initial transaction of a predefined instalment plan, enter the entire annual premium amount for the transaction. The premium is used to calculate the pound amount to invoice for each instalment transaction.
16. Click Actg Notes to add an internal accounting note to the transaction (if desired). See the Accounting Notes section for details on this option.
17. If you wish to add an invoice message, click Messages. See Invoice Messages for further details.
18. The Line Item Information frame shows whether any splits, overrides, invoice messages, or accounting notes exist for this item. If so, the corresponding field displays in red.
19. When you have finished entering information, click OK. The View Instalments Before Accepting screen displays.
20. Review the information and click OK, then click Yes to file the instalments.
21. If your agency is set up with the Premium Tax Method, the Premium Tax Entry screen displays (applies only to client billed transactions). Select the appropriate radio button:
    • Do not tax premium- Do not calculate tax for this transaction.
    • Tax separate from premium- Calculate tax for this transaction, assuming that the transaction amount you entered on the previous screen does not include tax.
    • • The Taxable Premium field displays the transaction amount. If only a portion of the premium is taxable, modify the amount in this field. The Tax Amount field below updates accordingly.
      • The Tax Percentage field defaults to your system's Provincial Tax percentage. If this transaction is subject to a different rate, modify the amount in this field. The Tax Amount field below updates accordingly.
      • The Tax Amount field multiples the Taxable Premium by the Tax Percentage. If you modify this field, the Tax Percentage field updates accordingly.
    • Tax included in premium- Calculate tax for this transaction, assuming that the transaction amount you entered on the previous screen includes tax.
    • • The Taxable Premium field displays the transaction amount less the tax amount. You cannot directly modify this field.
      • The Tax % Used Previously field defaults to your system's Provincial Tax percentage. If this transaction is subject to a different rate, modify the amount in this field. The Taxable Premium and Tax Amount fields update accordingly.
      • The Tax Amount field multiples the transaction amount by the Tax % Used Prev. If you modify this field, the Taxable Premium and Tax % Used Prev fields update accordingly.

    After you have filled in the information, click OK. A TAX transaction for the Tax Amount is automatically entered on the customer's transaction list.

    If your brokerage is set up with the User-Defined Tax Method, the Taxes and Fees Generated screen allows you to verify or delete any applicable automatically generated taxes/fees.

    • To revise the amount of an item in the Taxes and Fees list, highlight the row and modify the Amount of Tax field.
    • To delete an item that should not be generated for this transaction, highlight the row and click Delete Tax Item.

The instalments are entered in the pending transaction file. As soon as each installment is processed, it will be moved to the General tab of the Transactions List.