Most humans could easily understand my example. But there is nothing wrong with showing the numbers this way. Technically, if you subtract 1000 from 280, you get a negative number. ![]() Less depreciation per adjuster's schedule (3.33) Repairs as per adjuster's Xactimate estimate, at RCV $283.33 But here's a perfectly acceptable alternative: XM8 uses a "reversing entry" (as they say in accounting) to zero out the SOL as mentioned above. For example if I write a repair estimate in Xactimate, but part of the dwelling loss is someone else's emergency service estimate, why would I want XM8 to show some subtotal that doesn't really exist? That's why I might show the deductible as zero in XM8 but subtract it from the entire RCV on the SOL.Īnother thing is I have been trained that not ever number on a SOL has to be added or subtracted from another. So many claims have odd sublimits, prior payments, multiple estimates, and several lines of coverage, it's crazy to attempt to show that in Xactimate. In my office we don't use Xactimate to create SOLs. Did you check and see if you have items marked both ways by accident. An estimate like that would have two separate line items for depreciation. For example some policies are ACV for carpeting and RCV for everything else. This feature is necessary because an estimate can have both types of depreciation. ![]() ![]() Is that what you mean by "residual depreciation"?Īre you aware that you can change individual line items to "recoverable" or "non-recoverable"? The button is right there when you enter a line item. So the amount of the net loss (ACV loss) shows twice: once as the ACV amount and again as a reversing entry to zero out the amount due. On the summary page the software subtracts a portion of the deductible equal to the amount of the loss to show $0.00 due. I just tried a sample estimate with a loss less than the deductible. There can be some confusion between adjusters sometimes because we all have different set ups. It sounds like you may have an assignment set up through Xactanalysis and/or you have the carrier version of XM8, not the contractor version.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |