# Credit Company Bill Settlement

## Introduction

**Credit company bill settlement** records the payment received from an insurance company or corporate client against one or more outstanding credit bills. Settlement reduces the receivable balance and updates the cashier's records to reflect the incoming payment.

## Navigation

Main Menu → Financial Transaction Manager → **Credit Company** tab → **Settle Bills**
OR
Main Menu → Finance → Credit Company Management → **Record Settlement**

## Settlement Workflow

1. The credit company sends a payment (cheque, bank transfer, or remittance advice).
2. Finance staff navigates to the CC settlement screen.
3. Outstanding bills are matched to the payment received.
4. Settlement is recorded; the receivable is reduced.
5. Any shortfall (CC paid less than billed) is handled as a partial settlement.

## Recording a Settlement

1. Navigate to the settlement page.
2. Select the **credit company**.
3. Enter the **payment details**:
   - Payment date
   - Payment method (Cheque, Bank Transfer, etc.)
   - Amount received
   - Reference number (cheque number, bank reference)
4. The system lists outstanding bills for this CC.
5. Select the bills covered by this payment:
   - Click individual bills to select
   - Or click **Auto-Allocate** to let the system allocate by oldest-first
6. Verify the total selected matches the payment received.
7. Click **Save Settlement**.

## Settlement Fields

| Field | Description |
|---|---|
| Credit Company | Insurance or corporate client |
| Payment Date | Date the payment was received |
| Payment Method | Cheque, Bank Transfer, NEFT, etc. |
| Amount Received | Total amount from the CC payment |
| Reference | Cheque number or bank transaction reference |
| Bills Selected | Which outstanding bills are covered |

## Partial Settlement

If the credit company pays less than the full outstanding:

1. Allocate the payment to the oldest bills first (or as agreed with the CC).
2. Bills fully covered are marked **Settled**.
3. Bills partially covered are marked **Partially Settled** with the outstanding balance noted.
4. Remaining bills stay on the outstanding list.

## Over-Settlement (CC Paid More Than Billed)

If the CC payment exceeds the selected bills:

1. Record the settlement as normal.
2. The excess is shown as a **credit balance** against the CC account.
3. Apply the credit to the next batch of outstanding bills.

## Viewing Settled Bills

In the CC tab, switch to the **Settled** view to see all previously settled bills with settlement date, amount, and reference.

## Technical Reference

| Item | Detail |
|---|---|
| Entity | `CreditCompanySettlement` or payment recorded against CC bill |
| Outstanding | `PaymentMethod = Credit` bills with no settlement |
| Related | [Credit Company Payment Management](Finance-Credit-Company-Payment-Management.md), [CC Bill Cancellation Approval](Finance-CC-Bill-Cancellation-Approval.md) |