# Billing (https://riska.io/platform/billing) _Premium billing · Early Access_ ## From bound to banked. Bind a policy and Riska derives its installment schedule, invoices the down payment and posts written premium to the ledger. Endorsements revise only what has not been billed, so premium collected, commission owed and carrier remittance still tie out at month-end close. ## The schedule follows the policy. Billing reads the lifecycle you already configured, so premium is keyed once and there is no second system to reconcile at month-end close. - **Pinned, not copied.**: A schedule points at the exact plan version the policy was sold under. Change the plan tomorrow and this term keeps billing the way it was quoted. - **Derived at bind.**: The premium is split, the first invoice goes out, and written premium posts to the ledger the moment the policy binds. - **Revised, not reissued.**: A mid-term endorsement lands on the installments that have not gone out. Invoices already sent stay as they were sent, and a credit memo covers the rest. - **Earned to the day.**: Cancel mid-term and the schedule earns what the policy was on risk for. Whatever the payer paid beyond that comes back as return premium. > "“An endorsement used to mean rebuilding the whole schedule by hand. Now it moves the installments that have not gone out and leaves the rest alone.”" — Billing manager, Program carrier · 12 states ## A payment plan for every program. A payment plan is a short list of decisions: what you take at bind, how the balance spreads and how long late can run. Author it in settings, version it like everything else you configure, and attach it to the products that sell on it. ### The down payment Decide what the payer hands over at bind, as a share of the term premium. Take the whole term on a single invoice, or take a slice and spread the balance. ### The installments Decide how many invoices the balance is split across, and how long the payer has before the first one falls due. The split is computed exactly, so the parts always add back to the premium. ### The grace window Decide how long late is allowed to run. When the window closes a delinquency case opens against the invoice, and the plan names the non-payment event that follows. ### More than one payer A term can be billed to several payers at once, each carrying a share of the total. Every installment, invoice and receipt knows which payer it belongs to. ## One premium ledger, no cached balances. What an invoice has been paid is a sum over the rows that paid it, so a balance cannot drift away from the money behind it, and close starts from numbers that already agree. - **A premium subledger**: Written, endorsed, audited and cancelled premium all post as signed rows against the bound term. - **Append-only by design**: A correction is a linked reversal row. Nothing in the money tables is edited away or deleted. - **Four eyes on money out**: A refund or a payout needs an approval from someone other than whoever requested it. ## Past-due premium, chased on the plan’s clock. Billing carries its own state, so a policy can be in force and past due at once. Late premium is worked on a timer from the day it falls due, without either side of the house misreading the other. ### Past due. An installment passes its due date and the schedule says so. The policy does not move: being late is a billing fact, and billing acts on it alone. ### The grace window closes. The plan decides how many days a payer gets. When they run out a delinquency case opens against the invoice, and there is never more than one live case per invoice. ### Cured, or escalated. Payment clears and the case closes. Nothing arrives and billing fires the non-payment event the plan named, which on the shipped plans lapses the policy with reinstatement as the way back. ## Cash in, remittance out. Premium received, commission and remittance owed onward, and what the book still owes you, all read from the same rows rather than from three exports that agreed last Tuesday. - **Money that arrived.**: Cards, bank debits, checks and wires in one queue. Collection sits behind a single interface, so the processor you settle through is a configuration choice. - **Money owed onward.**: Producer commission and carrier remittance stay open as obligations until a disbursement settles them, in full or in part. - **Receivables at a glance.**: Outstanding, past due, collected in the last thirty days, unapplied cash and the aging buckets behind them. ## One system, from quote to cash. Billing reads the same policy, the same product and the same lifecycle that every other part of Riska works from. ## Bill one of your programs live. Bring a payment plan you actually sell and the endorsement that always breaks the schedule. We will derive it on the call.