In BriteCore, you can void return premiums from the Accounts Receivable screen.
You must export return premiums before you can void them. If the return premium has not been exported and needs to be transferred back to the policy please use the process to Transfer Return Premium.
Note: The option to void a return premium is only available when the setting void_refund_payments is enabled.
When you void a return premium, BriteCore:
- Marks the return premium void.
- Keeps the original transaction in the Account History table.
- Adds a transaction to the Account History table, negating the amount and adding it back as credit.
Keeping a digital trail of voided return premium transactions offers several benefits, including:
- User accountability.
- Event reconstruction.
- Intrusion detection.
- Problem identification.
To void a return premium:
- In the BriteCore menu, select Policies.
- On the Policy Search screen, navigate to and select the applicable policy.
- In the Policy menu, select Accounts Receivable.
Important: Voiding a return premium only updates accounting data in BriteCore. You’re responsible for issuing funds back to the original payor.
- On the Accounts Receivable screen, in the Account History table, select the applicable return premium, and then select Void.
Note: When a return premium is marked as void, BriteCore keeps the original transaction in the Account History table and adds another transaction, negating the amount and adding it back as credit.