Broker Pays for Policy Themselves

Broker Pays for Policy Themselves

  1. This guide will demonstrate the easiest way to pay for a client’s policy yourself.
  2. Post your customer’s policy as normal. Once it is posted, you will need to input a manual Purchase Order for the value of the customer’s policy. Go to the Accounts, open the Purchase Ledger and click on the “New” button
  1. You will see from the example below, that you should use a suitable expenses nominal – in this case I have used “Overheads, Miscellaneous” or “OMIS”. Once input, save it and exit

  1. Now reconcile the Purchase Order you have just created, against a Cashbook Payment from your Office Account. Once complete, you will be able to see your Cashbook Payment and the Purchase Order it is reconciled against, in your Cashbook

  1. This first stage has just correctly logged the money that is effectively leaving your Office Account, to pay for the policy. The next step will be to show the money being received into your Client Account, to cover your customer’s policy.
  2. To do this, simply create a cashbook receipt into your client account, with your own company as the person paying

  1. Now simply reconcile this Cashbook Receipt against the customer’s original policy posting. Here is how it will look in the Cashbook, once reconciled

  1. You must not forget that you will need to physically transfer the money from your Office Account to your Client Account in reality, in order for your bank accounts to match Durell.

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