Invoicing

Depending on the rules established for the carrier and the billing / payment plan selected, Accounts Receivable invoices may be generated for the producer and/or insured.  If the policy is on a payment plan, the down payment portion is immediately billed and the remainder is posted to accrued receivable and income accounts where it will be processed by next appropriate billing cycle.  Accounts Payable vouchers are generated for payment to the producer (unless the producer “keeps” his commission out of cash receipts from the insured), the carrier (premium and taxes and fees, unless a filing agent is involved), filing agent (unless the producer is the filing agent) and the MGA commission.