Writing Off Small Discrepencies in Client Payments

We've all been there - you've sent an invoice to a client for £1000.03 and they only pay you £1000. It's not worth chasing the client for the 3 pence outstanding (neither in terms of your time, nor the client relationship). However, in the system, this is holding you up from moving forward and paying the insurers. What can we do?

Fortunately, BrokerCentral provides a simple way to write off small outstanding balances so you can continue processing the transaction and settle with insurers as normal (a Quick Steps Summary is available at the bottom of this article).

BrokerCentral includes a Client Funding feature that allows funds to be transferred from the office account to cover an outstanding client balance.

This functionality can also be used to write off small payment discrepancies, such as minor rounding differences.

Navigate to the Awaiting Payments section within the Accounts module.

Locate the transaction containing the outstanding balance and select it for reconciliation.

When recording the payment, choose Funding as the payment method instead of a client payment method such as Card Payment, Bank Transfer or Cheque.

The system will then allow the remaining balance to be funded from the office account.

To write off the balance completely, enable the Waive Funding Repayment option before completing the transaction.

This is the key step in the process.

Without this option enabled, the amount will still be treated as funding that needs to be recovered from the client. By waiving repayment, BrokerCentral records the balance as written off and prevents the outstanding amount from continuing to appear as money owed by the client.

Once the transaction has been completed, the outstanding balance will be cleared and you will be able to continue with the normal settlement process.

A record of the adjustment will be available within All Transactions, providing a clear audit trail of the write-off.

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​Quick Steps

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