Contra (When Commisison Transferred)

Contra (When Commisison Transferred)

  1. Firstly you will want to make a note of the original posting figures
  2. This can be done by going to the original policies premium screen, then taking a screenshot.

  1. Go back to the client policy screen
  2. Hit the “Starburst”

  1. The select “MTA for current policy”

  1. Once you arrive at the premium screen input the figures including a “-“ as shown below
  2. This will create “Sales” and “Purchase” credits once you go through and post (posting process shown in the next screenshots)

N.B If you haven’t already, you will need to post corrections entries. Follow the same process of creating an MTA, this time input the correct figures as positives and post this MTA.
  1. Now the contra entries and the correction entries are on the ledgers they need to be reconciled.
  2. Find the original receipt in the cashbook, hit the signpost and jump to the bankbook.
  3. Highlight the bankbook entry and hit the “Bin” on the toolbar.

  1. Select “Bankbook entry only” then press OK.

  1. You will then need to go back to the cashbook receipt, double click and hit “Reconcile”

  1. Once in the reconciliation screen “Double click” the “Contra” entry, press “OK” to reconcile this.

  1. Click “Yes” to reconcile 

  1. Then hit the “Exit door” icon on the toolbar to go back to the cashbook entry

  1. You then no need to do the following.
  2. Change the “Receipt amount” to “0”
  3. Select “Cash up now as individual item in bank”
  4. Press the “Exit door” to go back to the cashbook.

  1. The claw back commission/fee amounts will then be visible  in your transferable routine and the bank will show a zero entry as opposed to saying you’ve received the funds on this receipt.
  2. You are then free to create a new cashbook receipt and reconcile the correction sales invoice in here.
  3. When paying the insurer you will need to remember to reconcile all three entries i.e. the initial incorrect posting, the contra entry and the correction as shown below.

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