Difference between revisions of "Commission Download"
Jump to navigation
Jump to search
(Redirected page to Monthly Process for Direct Bill Invoicing) |
|||
| (7 intermediate revisions by 2 users not shown) | |||
| Line 1: | Line 1: | ||
| − | # | + | [[Category:Download]][[Category:Direct Bill]][[Category:Receivables]] |
| + | <table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height:1.5em;"> | ||
| + | <tr style="background-color: #bdbdbd; text-align: center; font-weight:bold;"> | ||
| + | <td>Related Pages</td> | ||
| + | </tr> | ||
| + | |||
| + | <tr> | ||
| + | <td> | ||
| + | <ul> | ||
| + | <li>[[Direct Bill: Commission Statement Processing]]</li> | ||
| + | <li>[[Commission Builder]]</li> | ||
| + | <li>[[Direct Bill: Adjust Commission for Fees or Agency Bill Payable|Direct Bill Commission Adjustments]]</li> | ||
| + | <li>[[Requesting Policy Download Data From Companies]]</li> | ||
| + | <li>[[Certified Download Companies]]</li> | ||
| + | </ul> | ||
| + | </td> | ||
| + | </tr> | ||
| + | |||
| + | <tr style="background-color: #d3d3d3; text-align: center; "> | ||
| + | <td>Related Categories</td> | ||
| + | </tr> | ||
| + | |||
| + | <tr> | ||
| + | <td> | ||
| + | <ul> | ||
| + | <li>[[:Category:Download|Download]]</li> | ||
| + | <li>[[:Category:Direct Bill|Direct Bill]]</li> | ||
| + | <li>[[:Category:Receivables|Receivables]]</li> | ||
| + | </ul> | ||
| + | </td> | ||
| + | </tr> | ||
| + | </table> | ||
| + | The Newton [[:Category:Direct Bill|Direct Bill]] Commission Download automates the [[:Category:Direct Bill|direct bill]] invoice and payment process. The insurance carrier provides a special [[:Category:Download|AL3 Download]] file that contains full invoice details mirroring the monthly commission statement. | ||
| + | |||
| + | After Newton imports and processes the the commission statement download: | ||
| + | *Invoices are created for each line-item in the commission statement. | ||
| + | *The invoices are created with agency commission rates specified by the carrier. | ||
| + | *Producer commissions are added to the invoice based on the default commission rates in the [[Producer Profile]]. | ||
| + | *A direct bill commission [[:Category:Cash|cash receipt]] is created (or an on-account transaction is used). | ||
| + | *Each invoice is automatically reconciled, and the system is ready to [[:Category:Payables|reconcile producer payables]]. | ||
| + | *Commission Statement Download report .PDF file is automatically attached to the [[Company Tab]]. | ||
| + | |||
| + | Commission Download is an add-on option within [[:Category:Download|Download]], which will need to be enabled by support if purchased. | ||
| + | == Commission Download Setup == | ||
| + | [[Certified Download Companies|Verify which companies offer Commission Statement Download]]. It is important to know which carriers do not offer Commission Statement Download, as those paper statements [[Direct Bill: Commission Statement Processing|will be handled separately]]. | ||
| + | |||
| + | [[Requesting Policy Download Data From Companies|Contact your companies and request Commission Statement Download]]. | ||
| + | |||
| + | Validate the [[Producer Profile|producer profile default commission rates]]. Commission download will automatically generate the producer commission based off the commission rate specified in the producer profile. | ||
| + | |||
| + | ;[[Security System]] requirements. | ||
| + | *Other -> [[Security System]] -> AR -> Policy Transaction -> Create ''(Required to create policies and invoices.)'' | ||
| + | *Other -> [[Security System]] -> AR -> Cash Transaction -> Create ''(Required to create new cash transactions.)'' | ||
| + | *Other -> [[Security System]] -> AP -> Check Transaction -> Create ''(Required to create new check transactions ([[Direct Bill: Create A Check For Return Commission|refunds]]).)'' | ||
| + | == Commission Download Processing == | ||
| + | Commission Statement Download files are received in the same manner as daily policy downloads. Follow the [[Daily Process for Policy Downloads]] to import the download files. | ||
| + | |||
| + | The Commission Download files will be displayed in '''Other -> Download -> Pending''' as "Suspended". | ||
| + | === Commission Statement Download Pre-Processing=== | ||
| + | #[[Open or Close Month (GL)|Close prior months to prevent accounting transactions]] in previous months. | ||
| + | #Gather the following information for each suspended commission statement: | ||
| + | #*Date the deposit was received in your bank account if received as EFT. | ||
| + | #*Total amount of the commission received. | ||
| + | #*List of any MVR Fees reducing direct bill commission or other adjustments. | ||
| + | === Commission Statement Download Review and Processing === | ||
| + | #Select '''Company -> Download'''. | ||
| + | #Select the '''Pending Tab'''. | ||
| + | #'''Right-Click''' on the pending commission statement download and select '''Edit Details'''. | ||
| + | #Select '''Edit Details/Payment Details''' to review the payment options. | ||
| + | #Select '''Create a New Cash/Check Transaction''' and verify the bank. ''(Select '''Use an Existing Cash/Check Transaction''' if an on-account cash was entered prior to receiving the download file. )'' | ||
| + | #Verify the total commission '''Amount''', and enter any [[Direct Bill: Adjust Commission for Fees or Agency Bill Payable|Direct Bill Commission Adjustments]]. | ||
| + | #Select '''Set All Invoice Dates''' to specify a specific day for all pending invoices. '''(Recommended)''' | ||
| + | #Select '''OK''' when finished. | ||
| + | #Select '''Show Errors...'''. | ||
| + | #Clear any remaining [[Direct Bill: Commission Notes and Errors|Commission Notes and Errors]]. | ||
| + | #Close the commission statement download to return to the pending tab. | ||
| + | #'''Right-Click''' on the pending commission statement download and select '''Release this Item'''. | ||
| + | #'''Right-Click''' on the pending commission statement download and select '''Process this Item'''. | ||
| + | |||
| + | In a single step, Commission Download will create (or use an existing) a cash transaction, create the invoices, and apply the cash/check transaction to the invoices. | ||
Latest revision as of 19:24, 19 July 2021
| Related Pages |
| Related Categories |
The Newton Direct Bill Commission Download automates the direct bill invoice and payment process. The insurance carrier provides a special AL3 Download file that contains full invoice details mirroring the monthly commission statement.
After Newton imports and processes the the commission statement download:
- Invoices are created for each line-item in the commission statement.
- The invoices are created with agency commission rates specified by the carrier.
- Producer commissions are added to the invoice based on the default commission rates in the Producer Profile.
- A direct bill commission cash receipt is created (or an on-account transaction is used).
- Each invoice is automatically reconciled, and the system is ready to reconcile producer payables.
- Commission Statement Download report .PDF file is automatically attached to the Company Tab.
Commission Download is an add-on option within Download, which will need to be enabled by support if purchased.
Contents
Commission Download Setup
Verify which companies offer Commission Statement Download. It is important to know which carriers do not offer Commission Statement Download, as those paper statements will be handled separately.
Contact your companies and request Commission Statement Download.
Validate the producer profile default commission rates. Commission download will automatically generate the producer commission based off the commission rate specified in the producer profile.
- Security System requirements.
- Other -> Security System -> AR -> Policy Transaction -> Create (Required to create policies and invoices.)
- Other -> Security System -> AR -> Cash Transaction -> Create (Required to create new cash transactions.)
- Other -> Security System -> AP -> Check Transaction -> Create (Required to create new check transactions (refunds).)
Commission Download Processing
Commission Statement Download files are received in the same manner as daily policy downloads. Follow the Daily Process for Policy Downloads to import the download files.
The Commission Download files will be displayed in Other -> Download -> Pending as "Suspended".
Commission Statement Download Pre-Processing
- Close prior months to prevent accounting transactions in previous months.
- Gather the following information for each suspended commission statement:
- Date the deposit was received in your bank account if received as EFT.
- Total amount of the commission received.
- List of any MVR Fees reducing direct bill commission or other adjustments.
Commission Statement Download Review and Processing
- Select Company -> Download.
- Select the Pending Tab.
- Right-Click on the pending commission statement download and select Edit Details.
- Select Edit Details/Payment Details to review the payment options.
- Select Create a New Cash/Check Transaction and verify the bank. (Select Use an Existing Cash/Check Transaction if an on-account cash was entered prior to receiving the download file. )
- Verify the total commission Amount, and enter any Direct Bill Commission Adjustments.
- Select Set All Invoice Dates to specify a specific day for all pending invoices. (Recommended)
- Select OK when finished.
- Select Show Errors....
- Clear any remaining Commission Notes and Errors.
- Close the commission statement download to return to the pending tab.
- Right-Click on the pending commission statement download and select Release this Item.
- Right-Click on the pending commission statement download and select Process this Item.
In a single step, Commission Download will create (or use an existing) a cash transaction, create the invoices, and apply the cash/check transaction to the invoices.
