Billing schedules are configured in Policy Lifecycle settings. Invoice frequency or billing schedules are initially established for new business on the Billing tab of the application. You can change the invoice frequency (billing schedule) for a policy.
Note: When changing the invoice frequency (billing schedule), the system references the cancel date of the invoices.
Change invoice frequency
Accounts Receivable screen
To change the invoice frequency for a policy:
- On the Policy Search screen, select a policy to open it.
- Select Accounts Receivable.
- Select Billing Setup.
- From the Invoice Frequency dropdown list, select the billing schedule for the policy.
- In the Change Billing Schedule dialog box, select one of the following options:
- Preserve invoices that have already been sent. If you choose to preserve invoices that have already been sent, then only future invoices will update with the new billing schedule.
- Regenerate invoices that have already been sent. If you choose to regenerate invoices that have already been sent, then invoices previously generated will be regenerated to show the new billing schedule.
- Select Submit.
The billing schedule can also be changed when an agent is making a sweep payment. After selecting a policy that the sweep payment will be made on, the agent can select a different billing schedule from the Billing Schedule dropdown list. The system automatically saves the changes made and the Debits Remaining table updates to show the remaining payments based on the new billing schedule.
Preserve or regenerate
You may choose to preserve invoices if the insured wants to change the billing schedule for the remainder of the policy term, but all previous invoices on a policy have been paid to date.
You may choose to regenerate invoices if a mistake was made on the billing schedule, and an invoice was already sent. If you regenerate the invoices after fixing the mistake, the previous invoice will be waived and the new invoice will include the amount of the previous invoice so that the total premium of the policy can be invoiced according to the new billing schedule.
You may choose to regenerate invoices if a Renewal Invoice was sent on a policy with the current billing schedule, but the policy is supposed to renew with a new billing schedule.
Policy lifecycle settings and advanced settings can affect when the invoice frequency can be changed and who can change the invoice frequency (billing schedule) on the Accounts Receivable screen.
- When enabled, the Prevent agents and external users from making Billing Schedule changes Mid-Term setting in Settings > Modules > Policies > Policy Lifecycle > Billing > Options will prevent agents and other external users from changing the billing schedule.
- The restrict-agent-billing-setup advanced setting allows you to prevent agents from accessing the Billing Setup tab of the Accounts Receivable screen. If the advanced setting is set to True, agents can’t access the Billing Setup tab. If the advanced setting is set to False, agents can access the Billing Setup tab.
Note: While agents may be able to access the Billing Setup tab, they will be allowed to change information only in the areas specified in the agent-available-billing-setup advanced setting.
- The agent-available-billing-setup advanced setting allows you to determine areas of the Billing Setup tab an agent can access. If you type bS_billingSch_wrap in the Setting Value box and restrict-agent-billing-setup is set to False, agents can access the Invoice Frequency section of the Billing Setup tab and they can change the billing schedule on the Accounts Receivable screen.