DIRECTSET

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DIRECTSET.PNG
Name Nominal Ledger
Shortcut DIRECTSET
Area

See the NOVUS Walkthrough Guide for further information.


To use DIRECTSET a nominal ledger code must be assigned to each dataset. Please advise Morning Data what nominal ledger code is to be used and it will be created for you.


Where a transaction is created and the premium is settled directly between the client and the insurer, DIRECTSET can be used to mark the transaction as settled between the two parties. The commission/brokerage (XBK) will either be payable by the client or the insurer. Currently, the only option in DIRECTSET is for the client to settle the brokerage.


DIRECTSET must be performed for each insurer separately. DIRECTSET can only be performed against unmatched transactions DIRECTSET cannot be performed against type D transactions, claims or transactions that contain revenue fees. DIRECTSET cannot be performed against previously matched transactions.

In DIRECTSET the user selects the transaction for settlement. Where a multi-instalment transaction is entered either each instalment can be settled together by tabbing through the sp field or specify an individual instalment.

DIRECTSET calculates the maximum settlement available between the party paying the transaction and the party being paid.


Example

A single instalment transaction has the following values:


Field name Description
Client amount due 100
XBK value -5
Insurer A (60%) -57
Insurer B -38


When insurer A is selected to be directly settled DIRECTSET will assess the maximum amount that can be settled as 57. Upon settlement, the transaction outstanding amount will be updated with the insurer side now reading 0 and the client amount reduced by the same amount to 43.

Field name Description
Client amount due 57
XBK value -5
Insurer A (60%) 0
Insurer B -38


When insurer B is directly settled the amount will be reduced to zero with the client amount reduced by 38. This will leave the insurer amount as 5 and the XBK amount as -5. When the client pays the remaining 5 the XBK will become available to TAKEREV.

Field name Description
Client amount due 57
XBK value -5
Insurer A (60%) 0
Insurer B -38


Field Descriptions

Field name Description
Tran. No Enter the transaction number of the transaction to be directly settled
Sp (instalment) Leave blank for all instalments or enter a specific instalment value.
Paid By:/Ref Enter the partner account from whom funds are due. This can be selected from the list of values by pressing F9. Only those partners on the transaction will be available for selection.
Paid to:/ref Enter the partner account from whom funds are due. This can be selected from the list of values by pressing F9. Only those partners on the transaction will be available for selection.
Include brokerage Defaults to N meaning brokerage is due from the client.
Settlement Amount This is the value by which both partners selected will have the amount outstanding reduced.


DIRECTSET will create match records in respect of the direct settlement. These can be viewed in EMATCH in the same way that a normal match can be. The nominal ledger records are updated to reflect the reduction in debtor and creditor values as these are no longer expected to be settled in cash.

Version History

v 6.0.0 – Updated to the latest version