Disbursement Overview

Disbursements are the payment of money from the company to a client, broker, or any other entity. For annuity contracts, the payment that is made by insurers towards deferred annuity contracts during the accumulated period is also categorized as a disbursement.

Disbursement accounts are configured in the Rules Palette. In order for the disbursement activity to process in OIPA, a disbursement transaction entity must exist in the Rules Palette Chart of Accounts.

Disbursements are system generated activities. When an activity is processed that moves money out of a policy, a disbursement activity is automatically generated and will display on the Activity screen. Click the Process icon next to the disbursement to process it.

When a disbursement is first processed, it is applied to the policy in pending status. The money may be moved into outbound accounts or accounts for downstream processing. Some activities can be configured to move a disbursement from pending to active status so that it can be approved. These activities usually exist at the client or plan level. Check the Plan Activity screen or Client Activity screen to see if Disbursement update activities exist. It will display in the Activity drop-down list if the user has the proper security privileges.

View Disbursement Details

1. On the Activities screen, click the <Activity> tab. The <Activity Name> window appears.

2. Click the Disbursement tab. A list of disbursements appears in a tabular format.

3. Click the row expander button. The disbursement details appear. It includes:

   • Disbursement number

   • Status

   • Net Amount

   • Name

   • Address

   • Disbursement Date

   • Type

   • Taxable Amount

   • Role

   • Tax ID

   • Total Federal Withholding

   • Total State Withholding