Transaction & Payment Reconciliation Report Guide

 

• Tabular report that contains details about both transactions and payments for the brokerage.
• Displays Company fee, Interest Fee and other Fees (NSF)
• Updated daily.

 

 

Open Insights module, click on Reports and open 'Transaction & Payment Reconciliation' Report. 

 

 

Updates to the Payments page of the report.

• Last 4 digits column added
• Last 4 digits slicer added

 

This enhancement allows you to slice the report by the last 4 digits of a credit card, to find a payment and the date it was collected.  This will assist with the reconciliation of payments that are made by credit card against the payments that show in the Worldline and Chase portals as deposited into your trust account.

 

 

 

Updates to the Payments page of the report.

• Payment Status column added
• Payment Status slicer added

 

This enhancement allows you to slice the report to show both Paid and Disputed payments. A payment might initially be recorded as Paid and then disputed by the customer or financial institute afterwards. This enhancement allows those status to be reflected in the reporting. 

 

 

 

Financing slicer added!

 

NEW slicer and column added to select between the Financing Type used in the platform.  

 

Options are:

 

• Other (to indicate the payments are made directly to you, if you are using your self financing).
• Valet Finance (payment are made to Valet Finance and have been collected through their payment processor).
• Not Applicable (to indicate not financed / annual pay).

 

 

 

 

This slicer is available in both the Payments and the Transactions page within this report. 

 

 

 

There are two tabs:

• Payments - will show all payments from the payment processor.
• Transactions - will show all transactions within bond. Transaction Date is the date it went through the payment processor.

 

 

 

• Next 'slice' by Actual Payment Date or Scheduled Payment date.  The Actual Payment Date provides more accuracy in the accounting process because it shows payments that are 'actually' made as opposed to 'scheduled' to be made.  Especially useful at Month end, for precision.

 

• Use the other Slicers if you need to slice by another field, like Carrier for example.

 

The above two examples are shown here:

 

 

Using the horizontal slider, you can move across the report to see more totals, such as these shown:

 

 

 

• Choose the date slice that is appropriate for what you require. Definitions of these dates are provided in the Data Dictionary article that is in this knowledge base.

 

 

• Use the other Slicers if you need to slice by another field, like Carrier for example.

Transaction Date is the date it went through the payment processor.

 

 

• Total Accounts Receivable (not including amounts collected) equals Premium + Policy Fee + Company Fee + Interest Fee + Other Fee + Tax 

Premium

Policy Fee

Company Fee

Interest Fee

Other Fee

Tax

Total A/R

 

 

 

 

• Total Accounts Payable (not including amounts paid) equals Premium Less (-) Commission + Company Fee

 

Premium

Less Commission

Company Fee

Total A/P

 

 

• Set the date range that you want to view.
• Slice Description field by NSF fee was reduced and Payment was waived.
• The data in the table below will reflect those payments waived.