Payables

Payables

BriteCore tracks three payables:

  • Claim payments
  • Commission payments
  • Return premiums

Queues

Payables are tracked in three queues. Once a payable is within a queue, it can be manually handled or exported to a vendor of your choosing.

Policy Queues

  • Commission Payment Queue: Tracks commission payments and is located in Policies > Payments > Pending Commission Payments.
  • Return Premium: Tracks return premiums and is located in Policies > Payments > Return Premium.

Claim Queue

  • Pending Payments (Claims): Tracks claim payments and is located in Claims > Processing > Pending Payments.

For information on claim payments, please see the BriteCore Claims knowledge base.

FAQs

What is the difference between rejecting and voiding a return premium?

The difference between voiding and rejecting a return premium is whether the return premium has been exported from BriteCore. If the return premium is in the Return Premium Queue (not exported), it can be rejected. If a return premium has been exported it can be voided.

Can you reject a return premium once it is exported from the Return Premium Queue?

No. In this case, the return premium would need to be reapplied as a payment.

When would a user delete versus reject a return premium from the Return Premium Queue?

  • Deleting a return premium removes the record of the return premium on the Accounts Receivable screen. Though an audit trail can be reconstructed through notes, it can’t be through the Accounts Receivable screen.
  • Rejecting a return premium creates a separate transaction row that allows an audit trail through the Accounts Receivable screen.

For what reason might someone reject a return premium?

An example could be that the account is presently overpaid and generated a return premium, but an endorsement is forthcoming that would reduce the credit. In this case, the return premium would be rejected and reissued once the endorsement is processed.

Which report captures rejected or voided return premiums?

  • Presently, no report captures rejected return premiums. Rather, the return premium will appear in the Return Premium report, but exported will equal N.
  • Presently, no report captures voided return premiums.

How do I know a return premium is in the queue?

Navigate to the queue, or run the Return Premium report and review the exported column. Any return premium with N in the exported column means the return premium has not been exported.

For what amount should a return premium be issued?

  • If the account does not have future invoices, issue the return premium for the amount listed as the credit at the top of the Accounts Receivable screen.
  • If the account has future invoices, issue the return premium for the credit amount listed as the Trailing Balance on the final invoice of the term

What happens if I cancel a policy, in the future, that results in a credit?

  • The policy’s Accounts Receivable screen will display the date you processed the cancellation, that is, today.
  • The queue, though, will display the cancellation effective date. For clients using QuickBooks or StoneRiver, the return premium will not export until the cancellation effective date.

How do I issue a future-dated return premium?

  1. Issue the check manually from your general ledger.
  2. Once issued, navigate to the queue in BriteCore.
  3. Click the X next to the applicable return premium.
  4. Select Mark Exported.

What is the Clear All button’s purpose?

If you issue return premiums manually (not via QuickBooks or StoneRiver), the Clear All button allows you to Mark Exported all return premiums in the queue dated prior to today.

If a return premium is not exported, is there an escalation process within BriteCore?

No. The return premium will remain in the queue until it is transferred, deleted, exported, rejected, or manually processed.

The insured passes away. The cancellation of the policy results in a return premium. How do I issue the Return Premium to a contact not on the policy?

Method 1

  1. Issue the return premium to the insured.
  2. Modify the recipient’s name to the appropriate contact in your general ledger.
  3. Make a note on the policy in BriteCore.

Method 2

  1. Prior to canceling the policy, endorse the policy and add the appropriate contact as an additional interest.
  2. Process the cancellation.
  3. Update the recipient’s name in the Return Premium Queue.
  4. Export the record to your general ledger.