Direct Bill: Record Commissions By Company Without Invoicing
If you choose to deposit the monies straight to income:
- You will not be able to review or report on accounting information specific to policies.
- You will not be able to Reconcile Producer Payables.
- You will lose the ability to reconcile the direct bill company statement which can find errors.
- You will be able to obtain estimated annualized premium production numbers from the Management Tab or the exported Policy Production Report.
- (For policies that are downloaded, the term premiums are included in the download. For policies that are not downloaded, the premium must be entered manually.)
For a more comprehensive feature set, see: Direct Bill: Commission Statement Processing.
Setup: Create the G/L Account for Direct Bill Commission Income
Requires Other -> Security System -> Profiles -> General Ledger -> View and Entry access.
- Select Profiles -> General Ledger.
- Select Add.
- Enter Code -> 4121,
- Enter Name ->Direct Bill income.
- Select <Tab>.
- Select G/L Type -> Income.
- Select G/L Sub-Type -> Operating.
- Select Sub-Account Type -> Company.
- Select G/L Inquiry Report Options -> All Details.
- Select Save then Exit.
Record Payment From Company Directly To Income
Requires Other -> Security System -> A/R -> Cash Transaction -> View and Entry access.
- Select A/R -> Cash Transaction.
- Enter the Date for the receipt of commission into the general ledger.
- Enter the Bank Code.
- Enter G/L -> 4121. (Do not use GL-4120).
- Enter Sub G/L -> Company Code for the direct bill company. (From Example: AET - Aetna Insurance Co.)
- Enter the Department Code.
- Enter the Check # or EFT for direct deposit.
- Enter a short Description.
- Enter the Original Amount of commission received. (For multiple departments, only enter the amount received per department.)
- Select Accept, then Exit.
Report Direct Direct Bill Commission Income
This report process is only used if the direct bill commission is recorded directly to income.
Requires Other -> Security System -> G/L -> General Ledger Detail -> View access.
- Select G/L -> General Ledger Detail.
- Enter G/L -> 4121.
- Select the desired Start Date and End Date.
- Select Group and subtotal by sub GL.
- Select Preview.