Deposit Processing

Overview

A deposit records premium payments received from producers before they are applied to a specific policy through the booking process. Deposits use a D-prefix batch number system to distinguish them from booking batches. When a producer sends a check or wire, you create a deposit entry in LAMS, then reconcile it during the booking step.

Loading diagram...

Deposit vs. Booking

Concept	Deposit	Booking
What it records	Cash received	Premium applied to policy
Batch prefix	D-prefix	B-prefix
Timing	When payment arrives	After policy is bound
Who enters it	Accounting staff	Accounting staff

A deposit must exist before a payment can be applied during booking. If a producer sends payment before the policy is bound, record the deposit first, then match it during booking.

Before You Begin

• Confirm the payment amount and payment method (check, wire, ACH).
• Have the producer name and/or policy number ready for assignment.
• Ensure you have the Accounting role.

Step 1: Navigate to Deposits

📷

Deposit smart table showing columns for deposit date, producer, amount, batch number, status, and posted date

Deposit smart table showing columns for deposit date, producer, amount, batch number, status, and posted date

1. Navigate to Accounting > Deposits.
2. The deposit smart table displays all recent deposits with their current status (Pending, Posted, All).
3. Use the Pending tab to see unprocessed deposits.

Step 2: Create a New Deposit

📷

New deposit form with fields for producer name, payment date, payment method, check number, and amount

New deposit form with fields for producer name, payment date, payment method, check number, and amount

1. Click New Deposit.
2. Select the Producer using the producer search.
3. Enter the Payment Date (the date the payment was received, not deposited at the bank).
4. Select the Payment Method (Check, Wire, ACH, Credit Card).
5. For check payments, enter the Check Number.
6. Enter the Amount.
7. Optionally, enter a Reference Note for internal tracking.
8. Click Save.

The deposit is assigned a D-prefix batch number (e.g., D-2024-00142) automatically.

Step 3: Assign the Deposit to a Policy or Batch

1. From the deposit record, click Assign to Policy.
2. Search for the policy number or insured name.
3. Select the matching policy from the results.
4. Confirm the amount being applied to that policy.
5. If the deposit covers multiple policies, repeat the assignment for each policy, splitting the amount accordingly.
6. Click Save Assignments.

Note

A single deposit can be split across multiple policies. The total assigned amounts must equal the deposit total before the deposit can be submitted.

Step 4: Verify and Submit

1. Review the deposit summary: producer, date, amount, and policy assignments.
2. Confirm the assigned total matches the deposit total (the system shows a running balance).
3. Click Submit Deposit.

Deposit Batches

Deposits are grouped into daily or periodic batches for bank reconciliation purposes.

📷

Deposit batch view showing a batch of D-prefix deposit entries with individual amounts and a batch total

Deposit batch view showing a batch of D-prefix deposit entries with individual amounts and a batch total

To view or manage deposit batches:

1. Navigate to Accounting > Deposits > Batches tab.
2. Select a batch to view its individual deposit entries.
3. The batch shows: batch number, date range, total amount, and status.
4. Click Close Batch when all deposits for the period have been entered.

Correcting a Deposit

If an error is found in a deposit that has not yet been posted:

1. Open the deposit record.
2. Click Edit.
3. Correct the amount, date, or producer assignment.
4. Click Save.

Caution

Deposits that have been posted to the general ledger cannot be edited directly. Contact your accounting supervisor to process a reversal and re-entry.

Deposit Status Reference

Status	Meaning
Pending	Entered but not yet reconciled or posted
Assigned	Linked to one or more policies, awaiting final posting
Posted	Reconciled and posted to the general ledger
Voided	Cancelled deposit (creates a reversing entry)