Adding a surety bond to an account

Some agencies allow customers in certain account classes to post surety bonds rather than paying deposits on their accounts. A surety bond is issued by a third party to cover possible debts and delinquencies. For example, if a closed account has delinquent charges, the agency can collect on the bond.

Note that you can only add a bond to an account if its account class allows surety bonds. You can indicate that an account class allows surety bonds when you edit the Class code definition, using either Code Definition Management or the Account Class popup. (On the Manage Account page, the Account Class field is displayed on the Profile tab. To add or edit a code definition, click Review in the upper right corner of the Account panel, click the popup button to the right of the Account Class field, and then click Add or Edit in the Account Class grid. To allow surety bonds for the account class, select the Allow surety bonds check box.)

  1. Select Billing > Manage Account.
  2. Load the account you want.
  3. Select the Delinquency tab and scroll down to the Surety Bonds grid.
    The Surety Bonds grid is only displayed if the account's class allows surety bonds.
  4. Click Add above the Surety Bonds grid.
  5. Specify the bond policy number in the Policy Number field.
  6. Specify the amount posted in the Policy Amount field.
  7. Specify the effective and expiry dates of the bond.
  8. Specify the contact information for the agency issuing the bond in the fields under Contact.
  9. Click Save.
    Infor Public Sector adds the bond to the account. If you must later collect on the bond, you can edit the bond record to record the collection. To record a collection, click Edit next to the surety bond in the grid, then specify the amount collected and the collection date in the Policy Collected and Policy Collected On fields.