Cancelling an add-on policy and journalling the money

Repeat this process for any add-on policies being cancelled alongside a main policy (in the example below, a Legal Expenses add-on with policy type LE).[^cancel-addons-journal-money]

Cancel the add-on policy

1. Go to the supplementary policy (e.g. LE) and find it on IREV Xtra.[^cancel-addons-journal-money]
2. Select Cancel in the top right and enter the policy start date.[^cancel-addons-journal-money]

The supplementary policy is now cancelled on IREV Xtra. This now needs to be reflected on OGI.[^cancel-addons-journal-money]

Create the cancellation transaction on OGI

On the add-on policy's page, right click on the New Business transaction and select Create Transaction:[^cancel-addons-journal-money]

• Transaction Type = Cancellation
• Effective Date = Policy Start Date
• Original Debt = full policy cost (e.g. £10 for Legal) — enter this as a negative balance
• Charge Code = pulls through automatically as 3 for a cancellation transaction

Press Enter until no more boxes appear.[^cancel-addons-journal-money]

This leaves a £10 credit on screen and a -10.00 balance owing, which needs to move to the main policy.[^cancel-addons-journal-money]

Move the credit to the main policy

1. On the add-on policy, right click the -10.00 balance and select Accept a Payment. Enter Amount Received = -10 and Payment Method = J (Journal), then press Enter. This should leave no balance outstanding on the add-on policy.[^cancel-addons-journal-money]

   

2. Go back to the main policy, right click on the cancellation line that details the return premium, and select Accept a Payment. [^cancel-addons-journal-money]

   

   Enter Amount Received = 10.00 and Payment Method = J, then press Enter.[^cancel-addons-journal-money]

3. If a box appears asking to "reverse payment marked as contra", select Yes.[^cancel-addons-journal-money]