Manage Accounting

The Accounting tab allows you to create accounts receivable or reporting invoices, manage settings relating to journal entries that result from asset changes, and map coverages to funds.

Invoices and asset changes are scheduled on the Schedule section of the Allocations wizard.

1. Fill in the information for the Invoices section:
   • Select an Invoice Format. This is the format used for invoices that are created according to the invoice schedule dates. Quadra Invoice Format is a popular choice, however, some clients require custom formats.
   • Select a Report Format.  This format includes any custom logic needed to display data on the clients' invoice reports. This option is included since most clients require information on their reports to be organized a specific way. 
   • Select an option for Use Billing Accounts. If you select Yes, the premiums will be rolled up under the Bill To contact specified under the Account Details.  If you select No, the charges will not be consolidated.
   • Select an option for Create Invoices:
     
     If you select Manually, you will be required to complete the invoice creation process through the Allocation Schedule.  This option allows you to review the invoice amounts before finalizing the invoices.  
     
     If you select Automatically, the invoices will be created on the dates listed in the Allocation Schedule, omitting the invoice completion step.
     
2. Select options under More settings:
   • Select a Bill Type Format.
   • Select a Due Date.
   • Select a Fiscal Year.
   • Type in a Fiscal Year Description.
   • Type in an Invoice Number Format. It may have prefix text before the {sequence:X} tag and it must include the {sequence:X} tag. X must be a number between 1 and 9.
        Examples:
        MYCO{sequence:7}
        {sequence:2}
        INV-{sequence:9}
   • Select an Invoice Number Sequence.  You can select either a custom sequence or an automatic unique identifier sequence.
   • Select an option for Invoice Rounding.
   • Select an option for Run Processor.
     
     The Fiscal Year and Fiscal Year Description may appear on invoices if configured.
     
     
3. Fill in information for the Asset Changes section:
   • Select a Maximum Age. This allows you to limit when journal entries can be created. If the change date is prior to the maximum date, the asset change will be valued as of the maximum date.
   • Select an option for Use Billing Accounts.  If you select Yes, the asset changes will be created under the Bill To contact specified under the Account Details.  
   • Select an option for Create Journal Entries.
     
     If you select Manually, you will be required to complete the journal entry creation process through the Allocation Schedule.  This option allows you to review the asset changes before finalizing the journal entries.
     
     If you select Automatically, the journal entries will be created on the dates listed in the Allocation Schedule, omitting the asset change completion step.
     
4. In the Coverage / Fund Mapping section, select a fund for each coverage.  Mapping two or more coverages to the same fund will cause premiums to be combined into the selected fund, and will therefore appear on the same invoice for the scheduled date.
   
5. Click Next at the bottom to continue to the Notify section.