The Transaction history table shows all the financial transactions that have occurred on a policy since its inception. All premiums payable on a policy are tracked monthly.
To view the transaction history on a policy, follow these steps:
- Log into your Root dashboard.
- Click on the Policies icon in the blue navigation bar on the left side of your screen.
- Search for and click on the policy that you want to view.
- Click on Transaction history in the policy menu on your left or scroll to the Transaction history section.
Viewing transaction details
You can click on a transaction to view more details. The information displayed varies based on the type of transaction.
Premium debits and credits
- Debits: Premiums are debited against the policy when due, resulting in a negative policy balance equal to the premium amount.
- Credits: When a premium is paid, the policy is credited, bringing the balance to R0.00.
Policy balances
- Zero balance: If no premiums are outstanding, the policy balance is R0.00.
- Negative balance: If an amount is owed, the policy will have a negative (-) balance.
- Positive balance: If an amount is credited to the policy, such as when the policyholder pays more than the due premium, the policy will have a positive (+) balance.
Missed premiums
- If a premium is missed, the policy will be in a debit state.
- The missed premium may either be retried for payment or collected with the next billing cycle, depending on the product module settings.
Transaction history updates
Any changes made to the policy that impact billing will be reflected in the transaction history. Examples include:
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Billing day adjustment:
- Can either credit or debit the policy depending on when the change is made.
- For detailed billing day adjustment calculations, refer to the guide in our Help Centre.
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Policy schedule updates:
- Changes like adding a dependent can increase the premium.
- Removing a dependent can decrease the premium.
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EFT allocation:
- If an EFT allocation is made, it will credit the policy.