In this article, we will highlight the recent enhancements designed to clearly understand the financial entries and AR outstanding balances when a policy is financed through Valet. 

Trial Balance Report: A recent update to this section is to track reconciled receivables associated with policies financed by Valet. 

Once the brokerage receives the advance and statement for the prior accounting month, the brokerage needs to reconcile the transactions using the black module and once the reconciliation has been marked as 'deposited,' this will be reflected in the "Advanced Payment from Financing Partner" section. 

Updates to AR Reporting: To differentiate the receivables between Valet financed and non-Valet finance policies, we have split the AR reports into two separate Power BI reports: 

Standard AR Report: This report encompasses all non-valet policies and includes four tabs: Aged AR Summary, AR Listing Summary, AR Listing Detail. 

• The report is available in the Insight Module under Reports -> Financials -> Accounts Receivable

Valet AR Report: This report focuses on valet policies and consists of two tabs: AR Summary and AR Listing Detail. The main difference lies in the "Advance Received to Date" column, indicating the receivable amount reconciled. This column is populated after a given AR reconciliation progresses and is marked as "Deposited." 

• The report is available in the Insight Module under Reports -> Financials -> Valet Accounts Receivable

Additional Notes: 

The Valet AR report does not reflect manual payments made by insurers to the brokerage for Valet financed policies. 

The financing type slicer in the Trial Balance report is omitted from the AR reports as the receivables are now monitored separately. 

Both the above reports are schedule to refresh daily at 3.30am MST.