Basic Write Off of Unpaid Policy (General)

Basic Write Off of Unpaid Policy (General)

  1. To write off an unpaid balance of a policy, the best procedure will be to create a negative MTA for the remaining balance.
  2. In the example we will use below, our unpaid balance is £50.
  3. Begin by creating an MTA. You do not need to worry about any of the screens, aside from the Premium screen. Head to the Premium screen and input the unpaid balance total into the “Brokerage Fee” field, as a negative value

  1. Post the MTA as normal, using the required date for writing off. You will probably want to change the policy stage to something ‘Closed’ as well


  1. Once the MTA is posted, head to the Cashbook and create a cashbook entry for the policy holder. Do not worry about inputting a value into the cashbook entry, as we will be using it solely to balance our negative MTA against the outstanding balance

  1. Click on “Reconcile”. In the Reconcile screen, you should see the outstanding/unpaid balance and the negative MTA we keyed in. Reconcile the negative value first. This will then provide you with the balance to write off the outstanding/unpaid entry

  

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