💸 How Premium Payments Flow to Expenses & Budget
One of the most powerful features of Wevanta Policy Management is that recording a premium payment automatically creates an expense transaction — no duplicate entry needed.
🔄 What Happens When You Record a Payment
- You click 💳 Pay on an installment in the Policy Detail → Installments tab
- Enter the payment date, amount, and optional notes
- Click ✅ Save Payment
The following happen instantly and automatically:
| What | Where it appears |
|---|---|
| ✅ Installment marked as Paid | Policy Detail → Installments tab |
| 📝 Insurance Premium transaction created | Transactions page (type: Insurance Premium) |
| 💸 Shows as an Expense | Expenses page and Expense charts |
| 🏦 Deducted from linked account balance | Accounts → Premium Account balance reduces |
| 📊 Counted against Budget | Budget Planner → Insurance category spending |
| 🔔 Reminder auto-completed | Reminders page → status changes to completed |
| 🔗 Transaction linked to policy | Policy Detail → Transactions tab shows the record |
🏦 Linking a Premium Account — Why It Matters
When adding or editing a policy, you can select a Premium Account — this is the bank account or savings account from which the premium is debited.
- When a payment is recorded, it appears as a debit transaction in that account
- The account balance automatically decreases by the premium amount
- If you don't select a Premium Account, the transaction is still created but it won't be linked to any specific account
💡 Tip: Link your salary account as the Premium Account so that all insurance payments appear naturally in your salary account's statement.
📊 How it Affects the Budget
Insurance premium payments are categorized as Insurance Premium expenses. If you have a Budget set up for the current month/year:
- The payment automatically reduces your expense budget allowance
- If you have an "Insurance" budget line item, it will track actual vs planned spending
- Go to Budget Planner to see the real-time impact
🔍 Viewing Policy Transactions
You can see all insurance premium transactions in three places:
- Policy Detail → Transactions Tab — all payments for that specific policy
- Transactions page → filter by type "Insurance Premium" to see all policy payments
- Expenses page → insurance premiums appear as expense entries
⚡ Partial Payments
If you pay less than the full premium amount:
- The installment status changes to Partially Paid
- A transaction is created for the partial amount
- The installment remains visible with a "Partially Paid" badge until fully settled
- You can pay again later to settle the remaining balance