Transit Insurance is charged to clients in livestock sales who have elected to participate in the insurance.  It is a charge that is made per sale, per participating client.  It must be added to the client's record in Address Book and be present as a charge in the sale.

Get Started with setting up Transit Insurance and Rate(s)

Step 1: Creating a Ledger Account

Adding a New Transit Insurer

1. Open Address Book and add a New Client
   
2. Fill in the details of the Insurer
1. Trading Name, ABN, Code, Contact Details
   
2. Add in the Bank Details and Supplier terms
   
3. And lastly, in the Ledger Account
   
1. Set the Classification of the Insurer to a ‘Supplier’,
   
2. Tick Used in Livestock at bottom,
   
3. Save.
   
3. You have now created a new insurer.
   

Different Ways to Manage Transit Insurance

Step 2: Setting up Transit Insurer Rates

Note: If you have an existing Transit Insurer Account, you must clone it first then setup the new rate. 

1. Open Livestock --> Maintenance --> Transit Insurance 
   
   
   
2. Once opened, you will see “Transit Insurance Maintenance”
   
   
   Note: Multiple Insurers/Rates can be added as required. You can then specify the rates in different Transit Insurance charges if required.
   
   
3. Click 'Add' to create a new Transit Insurance Account
     
   
   
4. Below are the fields you need to fill in to ensure you have a valid Transit Insurer:
   
1. The Insurance Account is the ledger account where the Transit Insurance charge $ values go into i.e. the amount that the vendor/purchaser will be charged
   
1. Use a Client Account if you want to pay this out of the bank directly without further journaling, e.g. Stockinsure, R.M.A, ALPA, etc.
2. Use a Non-Client Account if you want to journal the amounts from one account to another, e.g. Income Transit Insurance (ITRANS)
2. The Policy Number is the number associated with your current policy with the Transit Insurer
   
3. The Rate (Ex GST) is what you will be paying the insurer (not what you are charging the client)
4. The Claim Account is the ledger account you wish to make claims/recoveries from
   
Claim Account must only use a Client Account, e.g. Stock Insure, R.M.A, ALPA, etc.
5. After adding the information --> Click Save --> You have now successfully created a Transit Insurer Account
   
   

Step 3: Setting up a Transit Insurance Charge

Once you have setup the Transit Insurance Rates in Step 2, you can then set the Transit Insurance Charge in Livestock.
The Transit Insurance Charge specifies the rate that will be charged to clients.  This amount can be more than what you are paying to the insurer so a management fee is effectively being charged too.

It is important to update an existing charge and recreate a new one.

1. In Livestock -->  Click on Maintenance -->  Charge 
   
   
   
2. Select the Transit Insurance Charge
   
1. If the Transit Insurance charge does not exist, or you need a to add the charge. Create the charge by clicking Add --> Set Charge Type to Transit Insurance --> and then fill out the rest.
   
   
3. Next to ‘Transit Detail’, select the correct Transit Insurer Rate Account to use for the Transit Insurance charge. 
   Reminder: This will not affect sales already created.
   If you wish to update a charge in a Sale, you must open the sale (if closed), go to charge control and right-click on the Transit Insurance charge to make the relevant changes, then process the Sale.
   
4. Click on Save after adding the Transit Detail (Transit Insurance Account)

Step 4: Add Transit Insurance charges to Vendors/Purchasers

The next step now is to update your Vendors/Purchasers so they can be charged Transit Insurance.

1. Open Address Book and change the dropdown to either Vendor/Purchaser/Purchasers Only.
   
   
2. On the right-hand side of the data, you will see a heading named Transit Insurance. This column will display the Transit Insurance charge used and the Rate the client is charged.
   
1. There may be blanks under the Transit Insurance column, this is because we have not yet setup Transit Insurance for the Vendor/Purchaser.
   
   
   
   
3. There are TWO ways to update the statuses of Clients (Vendors/Purchasers) Transit Insurance charges:
   
1. The quickest way to update the Transit Insurance charge rates is by using the Bulk Add Transit Insurance to Clients (located below)
   
2. If there is more than one charge, update clients individually:
   
1. To update a client with the correct Transit Insurance details, you first need to open the client and then on the right-hand side, you will see under Vendor/Purchaser, ‘ Transit Insurance’    
   
2. Go ahead and click on the one that represents your client. Select the dropdown and select the Transit Insurance you wish to connect to the client.
   
   
   

   For Vendors

   For Purchasers

   Once set, click 'Save' to ensure the changes were updated.

Repeat for each client as per instructions above.

To check if the rate is set for the Vendor / Purchaser, you can check in the Address Book dropdown Vendor / Purchaser view, the Transit Insurance will now show the rate you selected for client.

Continue with the rest of your corresponding Vendors/Purchasers.  If you have many to add, see how to do a Bulk add below.

Updating the Rate you Pay to the Insurer

It is important to not change the previous rate you paid to the insurer when following Step 1. You MUST cCone the previous Rate and update it in the new insurer rate.

Step 1: Clone the existing Transit Insurer

The reason we clone the insurer is because the previous rates are used in old sales, which reflect on the reports.

1. Open Livestock
   
2. Click on Maintenance --> Transit Insurance
   
3. Click on the previous ("current") insurer rate
   
4. Then click on Clone at top
   
5. Leave the Insurance and Claim Account (unless changing)
   
6. Update the fields as required, Rate (Ex GST) / Policy Number (optional)
7. Save

Step 2: Update the Transit Insurance Charge

1. Open/In Livestock 
   
2. Click on Maintenance --> Charge
   
3. Find and open the Transit Insurance Charge
   
4. Find Transit Detail dropdown, then select the new rate you want to charge clients for now on
   
5. Save
   

Step 3: Update Sales with the New Rate

This may or may not be necessary.  Any new sales will automatically have the new rate but you might need to update existing or closed sales.

Creating New Sales

The new Transit Detail (Insurer Rate) will automatically be reflected in the charge as you have performed Step 2. The charge already attached to previous sale types has now been updated.  However, if there is  a additional transit insurance charge, then you must attach this new one to the relevant Sale Type.

Updating existing Closed Sales

1. You need to open the Sale for Update
   
2. Click on the tab Special Features
   
3. Click Charge Control
   
4. Right-click on the Transit Insurance charge --> "Edit Charge".
   
5. Change the Transit Detail rate (dropdown), then click Save.
   
6. Now, reprocess the Sale to confirm the new rate. This will be now reflected on the Transit Insurance Reports and in the journals.
   

Updating existing Open Sales

1. Click on the Sale you want to update
   
2. Click on the tab Special Features
   
3. Click Charge Control
   
4. Right-click on the Transit Insurance charge --> "Edit Charge".
   
5. Change the Transit Detail rate (dropdown), then click Save.
   
6. Now, process the Sale to confirm the new rate.
   

Bulk Add Transit Insurance to Clients

If you would like to bulk select the clients to update them for Transit Insurance, follow these steps below:

1. Open Address Book (if not already open)
   
2. Change the dropdown to a Vendor/Purchaser
   
3. Once the grid has loaded, hold down either CTRL (multi-select) or LEFT-SHIFT (mass select) on the keyboard and LEFT CLICK on the Clients you want and release the key CTRL / LEFT-SHIFT
   
4. A new window will appear, "Select An Action For This Group"
   
1. Click on the Action dropdown
   
2. Select Change Transit Insurance Status
   
3. Then select the  Transit Insurance account  in the dropdown
   
   
4. Click OK to Save!
   

That will quickly add Transit Insurance to all the clients you have selected.

How to make a Claim / Recovery for Transit Insurance

Click on this link to go to the article

Run a Report to Track Transit Insurance

Before you can see information in the Transit Insurance Report, you must process a Sale with a Buyer/Vendor who has Transit Insurance in the Sale.

1. To find where the Transit Insurance reports are located, open Livestock then Reports 
   
   
   
2. Transit Insurance Detail Report and Transit Insurance Report reports lookup data from completed sales in a date range. 
   The  Transit Insurance Detail Report  lists all insurance collected in a date range and is a comprehensive audit of the summarized report.   
   The Transit Insurance report handles multiple rates (a short distance rate and a long-distance rate) and multiple insurance companies used in a reporting date range.
   If a claim or a recovery is made, this is can be found under the relevant headings.
3. The Transit Insurance Detailed Report can be generated in an excel or csv format to be uploaded to the insurer's portal.
   

Transit Insurance in Accounting

Remember that an accounting period is not the same as the calendar period used in Livestock, so the figures in your ledger may not match the report due to the dates selected. 

-  Use the export to grid option (right click anywhere in the ledger) to compare what is in Accounting to what is in the report from Livestock.