Would you like to...

Print this page

Email this page

The MI Management System uses an open invoice accounting system. This allows the user to apply credit amounts to specific invoices on a customers account. Therefore, the 1180 account is an asset account that recognizes the agency bill payments received on account, but that have not yet been applied to invoices.

If the 1100 and 1180 accounts both have a debit balance, then add the two accounts together. If one account has a debit balance and the other account has a credit balance, subtract one amount from the other.

If the amount generated by this formula does not match the client ageing balance due column, here are some potential reasons why it does not match.

1. Client Ageing Report is wrong.
   A. Invoices were left at PAID status. Go to Invoices on Banner and search for Paid in Invoice Status. Say OK to all invoices and then use blue arrow button to navigate through all the records. This will change them back to OK status.
   B. Entered a receipt on an individual who had no policies
   C. Estimated Premium invoices are incorrectly affecting the balance due column.
   D. Invoices that have been applied are still at OK status. You can find these by searching for invoices that have a balance of zero but OK status.
   
2. Posting to accounting software did not work properly.
   A. Missing transactions in accounting software.
   B. Duplicated transactions in accounting software.
   In both situations, run a Transaction Export Report Reprint from IMSwin for the date range desired. Then compare this with transactions that have imported into accounting software. In Peachtree do a General Journal Report, In Quickbooks do a Transaction List by Date report.
   
3. A non accounting endorsement was done Balance Brought Forward without doing a journal entry in accounting software.
   
4. Someone did a transaction (check, deposit, journal entry) in accounting software to 1100 or 1180. No transactions should be done to these to accounts unless being offset with a Balance Brought Forward endorsement in IMSwin.
   
5. The transactions that were imported to accounting software by IMSwin, were manually changed by someone in accounting software. Again, compare with the Transaction Export Report reprint to verify that it matches the transactions in accounting software.