Operations Documentation
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Operations Documentation1
RICHOUX & ASSOCIATES, INC.
OPERATIONS DOCUMENTATION
Date 26 October 2009
System FINCO
Document FIN-0038 How To Force Place VSI Insurance No.
Operation To force place VSI on a customer’s account.
Long If a loan has an automobile as security and the customer stops paying the Description collision comprehensive insurance, the finance company will add VSI (Vehicle Single Interest) insurance on the customer’s account. The finance company will determine the cost of the VSI from the insurance company or from a rate chart given to them by the insurance company.
Follow scenario 1 to force place VSI on a customer’s account.
Follow scenario 2 to take a payment on the force placed VSI portion of the balance on the ledger card.
Follow scenario 3 to void or remove the force placed VSI.
Operation Scenario 1: To force place VSI on a customer’s account: Steps 1. From the Main Menu, choose option 2 – Payments, then option 4 – Debit Borrower.
2. Type in the customer’s name, account # or social security # then press the Enter key.
3. In the Amount of debit: field type in the amount of the VSI insurance then press the Enter key.
4. In the Credit account number: field type in the VSI Insurance Premiums
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general ledger number (2561) then press the Enter key and the Y key. 5. In the Comment: field type VSI INSURANCE then press the Enter key.
6. Next to the How paid? field DB will be displayed. Type the cashier initials and press the Enter key.
7. Place the customer’s ledger card into the printer then press the Y key if the ledger card is aligned to print. See Figure 1 below.
Figure 1
Scenario 2: To take a payment on the force placed VSI portion of the balance on the ledger card.
1. From the Main Menu, choose option 2 – Payments, then option 4 – Debit Borrower.
2. Type in the customer’s name, account # or social security # then press the Enter key.
3. In the Amount of debit: field type in the minus sign and the amount of the VSI premium portion to be paid then press the Enter key.
4. In the Credit account number: field type in the Miscellaneous Clearings general ledger number (1350) then press the Enter key and the Y key.
5. In the Comment: field type VSI INSURANCE PAYMENT then press the Enter key.
6. Next to the How paid? field DB will be displayed. Type the cashier initials and press the Enter key.
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7. Place the customer’s ledger card into the printer then press the Y key if the ledger card is aligned to print. See Figure 2 below.
Figure 2
8. From the Main Menu choose option 4 – Write Checks / Other Money Recv’d then option 2 – Other Money Received.
9. Choose the method of payment then press the Enter key.
10. Press the Enter key to accept the transaction date.
11. In the Description: field type VSI PAYMENT and the customer’s account number then press the Enter key.
12. In the Acct # field type in the Miscellaneous Clearings general ledger number (1350 in this case) then press the Enter key.
13. In the Credit field type the amount that was paid toward the VSI premium then press the Enter key twice.
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14. Press the Y key if information if correct. See Figure 3 below.
Figure 3
15. You will need this amount at the end of the day to balance cash drawer.
Scenario 3: To void or remove forced placed VSI.
1. From the Main Menu, choose option 2 – Payments, then option 4 – Debit Borrower.
2. Type in the customer’s name, account # or social security # then press the Enter key.
3. In the Amount of debit: field type in the minus sign and the amount of the VSI premium rebate then press the Enter key.
4. In the Credit account number: field type in the VSI INSURANCE REFUNDS general ledger number (2562) then press the Enter key and the Y key.
5. In the Comment: field type VSI INSURANCE PAYMENT then press the Enter key.
6. Next to the How paid? field DB will be displayed. Type the cashier initials and press the Enter key.
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7. Place the customer’s ledger card into the printer then press the Y key if the ledger card is aligned to print. See Figure 4 below.
Figure 4
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