Payment Entry

Overview

Payment entry records the premium payment received for a policy. LAMS supports five payment methods and handles split payments, installment plans, and finance arrangements. Once a payment is entered, the booking entry is created automatically.

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Payment Modes

Mode	Key details to enter
ACH	Bank name, routing number, account number
Check	Check number, bank name
Credit Card	Last 4 digits, card type
Wire	Reference number, bank name
Finance	Finance company name, down payment amount

Recording a Payment

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Payment entry form showing the payment mode dropdown and amount field

Payment entry form showing the payment mode dropdown and amount field

1. Navigate to the policy’s Accounting tab.
2. Click New Payment Entry.
3. Select the Payment Mode from the dropdown.
4. Select the Payment Type: Regular, Installments, or Finance.
5. Enter the payment details and amount.
6. Verify that the total matches the premium due.
7. Click Submit.

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ACH payment fields showing bank name, routing number, and account number inputs

ACH payment fields showing bank name, routing number, and account number inputs

Caution

Always verify that the entered amount matches the premium due before submitting. Discrepancies will need to be corrected through an adjustment, which creates additional work for the bookkeeping team.

Split Payments

When a payment arrives in more than one form (for example, part check and part credit card):

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Split payment dialog showing two rows — each with a payment method dropdown and amount field

Split payment dialog showing two rows — each with a payment method dropdown and amount field

1. Click Split Payment in the payment entry form.
2. Add a row for each payment method.
3. Enter the amount for each portion.
4. Confirm that the total across all rows equals the premium due.
5. Submit all portions together as a single transaction.

Installment Plans

Installment plans are available when the premium exceeds $6,000 or when a finance company is involved.

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Installment schedule table showing due dates, installment amounts, and payment status for each installment

Installment schedule table showing due dates, installment amounts, and payment status for each installment

• The installment schedule displays each due date and the amount due on that date.
• When each installment payment arrives, record it as a separate payment entry linked to the same policy.
• The system sends automated payment reminders to the insured at 10, 30, and 60 days before each due date.

Tip

Check the Payment Pending smart table from the Accounting menu to see all outstanding payments across all policies in one view.

After Payment Is Submitted

Once you submit a payment:

• A booking entry is created automatically with a full premium breakdown (base premium, taxes, fees, and commission).
• The policy stage updates based on the payment type.
• If this is a new business payment, the policy moves toward the Order to Issue checklist.

Payment Reminders

The system automatically sends payment reminders for outstanding balances:

• Reminders run daily at 7:50 AM.
• Follow-up emails are sent at 10, 30, and 60-day intervals after the due date.
• Reminders can be reviewed and managed from the policy’s Accounting tab.