When you write off premium on a policy, you will also be required to provide a reason. The reason you provide will be stored in the policy’s Notes screen, and is intended to improve the audit trail.
To write off a premium:
- Access the policy you want to write off the premium for.
- Select Accounts Receivable.
- On the Billing Overview tab of the Accounts Receivable screen, navigate below the Balance Details section and select the Write-Off Premium link. The Write-Off Premium dialog box will open.
- In the Amount to write off box, type the amount you want to write off.
- From the Reason for premium write off dropdown list, select one of the options.
Note: If you select Other, you will be prompted to provide the reason.
- Select Submit.
Once the write off is complete, a message will appear at the top of the screen:
Write-off stored successfully.
When you write off premium, the amount and reason for the write-off will be stored in a note on the policy’s Notes screen. To view this note:
- Navigate to the Notes screen.
- Search for premium write-off.