Difference between revisions of "Direct Bill: Commission Statement Processing"

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[[Category:Download]][[Category:Direct Bill]]
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[[Category:Download]][[Category:Direct Bill]][[Category:Receivables]][[Category:Cash]]
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== Single Time Setup ==
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<table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height:1.5em;">
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#Contact your companies to request they send you Commission Download Statements.  It is suggested that you keep a spreadsheet of which companies you contacted, and if that company offers Commission Download.  It is just as important to know who will not be sending you the download as those paper statements will be handled with Commission Builder.
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<tr style="background-color: #bdbdbd; text-align: center; font-weight:bold;">
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#Validate your producer profiles are set up with the default commission rates.  Commission download will look at the producer on the policy, and generate the invoice based off the commission rate specified in the producer profiles.
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    <td>Related Pages</td>
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</tr>
  
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== Monthly ==
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<tr>
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#Close all prior months. 
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<td>
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#*This is essentially locking all prior accounting transactions so that download cannot place records in prior periods.
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<ul>
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#Around the first of the month you will begin to receive notifications from your companies about statements being available.  For each company you will want to know the following items.
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<li>[[Commission Download]]</li>
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#*Date of the deposit in your bank account
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<li>[[Requesting Policy Download Data From Companies]]</li>
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#*Amount of the deposit
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<li>[[Certified Download Companies]]</li>
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#*Were there any Fees
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</ul>
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#*Any other reductions in commission
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</td>
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#You will want to know if your office creates the cash manually for the deposit, or do you want download to create the deposit at time of processing.
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</tr>
  
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=== Commission Download Process ===
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<tr style="background-color: #d3d3d3; text-align: center; ">
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{{#ev:youtube|j7ptjzfD9Ck|300|right|Commission Download}}
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    <td>Related Categories</td>
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The Agency Systems Direct Bill Commission Download automates the direct bill payment process. The insurance carrier provides a special AL3 file which has details of commission payments; Newton processes this file, automatically matches payments to existing invoices and policies, and greatly facilitates the process of manually matching those payments which were not automatically matched. After all payments are ready to process, the download creates the cash transaction, all the payments, policies and invoices as needed; reconciling this direct bill company.
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</tr>
  
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==== Workflow ====
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<tr>
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#Review the Cash Details
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<td>
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#*This will specify the bank for the cash, the company paying the commissions, the department code, effective date, and the optional check number and description.
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<ul>
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#Review and Address any Notes or Errors
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<li>[[:Category:Download|Download]]</li>
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#*The download automated preparation will generate a set of notes and or errors which might need additional attention.  A brief description of the issue is given on screen.  The user may modify the action to be taken on each payment, and suppress notes which do not pertain to the agencies setup.
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<li>[[:Category:Direct Bill|Direct Bill]]</li>
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#Release and Process the Commission Download
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<li>[[:Category:Receivables|Receivables]]</li>
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#*Once the commission download is fully configured and the notes have been corrected or suppressed, the download can be processed. Up to this point, the download has not created anything. Now, in a single step, it creates the cash transaction, all the payments, invoices, and policies specified by the configuration.
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<li>[[:Category:Cash|Cash]]</li>
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</ul>
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</td>
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</tr>
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</table>
  
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=== Commission Builder Process ===
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There are a number of options than can be used, and they vary in terms of how much work is involved, and how much detail you can get from the system.
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{{#ev:youtube|euUNbR0AuSM|300|right|Commission Builder}}
 
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Commission Builder you can directly input from paper commission statements for those carriers that do not provide electronic downloads.
 
  
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====Initial Statement Setup ====
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A key question is “Do you pay [[Producer Profile|producers commission]] based on individual sales?” If you do, you must record those sales as individual invoices, so you can pay them correctly. That requires creating invoices through, [[Commission Download]], [[Commission Builder]], or [[#Option C: Create Individual Direct Bill Invoices and Reconcile Receivables|individually]].  
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#From the main Agency System's menu select '''Other -> Download ->Pending''' tab.
 
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#Right-click on a blank/white area of the screen,  and select '''New Commission Builder'''.
 
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#Put in the '''Company''' you received the money from
 
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#'''Date''' the money was received
 
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#Add a '''Description'''
 
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#'''Check Number''' for check received from company.  For companies that direct deposit the money use '''EFT.'''
 
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#Put in the total '''Premium''' the company is paying commissions on.
 
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#Put the '''Commission''' dollar amount of the check received.
 
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#Check '''Make a Cash Transaction''' if you want a cash receipt to be created, and mark the invoices as paid select this option. Otherwise only the invoices are created, and not reconciled showing what company paid.
 
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#Click '''OK.'''
 
  
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====Adding Lines====
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==Frequently Asked Questions (FAQ)==
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[[Image:CommissionBuilder2.png|frame|Adding Lines]]
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*[[Talk:Direct_Bill:_Commission_Statement_Processing#How_do_I_run_a_report_for_total_commission_received_by_company.3F|How do I run a report for total commission received by company?]]
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#Select the '''Add Lines''' button.  This allows you to enter each item as it appears on the commission statement from the company.
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#Type in the '''Policy''' number and select policy.
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== Option A: Record Direct Bill Commissions by Company Without Invoicing ==
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#To attach the invoice to a specific transaction, hit the '''Seqs''' button and select accordingly.
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The simplest method is to simply deposit the commission checks in your bank, and record the monies received directly as income.  
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#If the transaction was not found a new sequence may be created, you can type in Transaction, and Policy Effect/Expiration dates for the new transaction.
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#Once you have completed all items for that policy you may select one of three options, “Save And Add Another,” “Save And Exit,” or “Don’t Save, Exit.”
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See: [[Direct Bill: Record Commissions By Company Without Invoicing]].
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#Once you have added all the lines required the process then becomes the same as a normal Direct Bill Commission download.
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If you choose to deposit the monies straight to income, you won’t be able to get accounting information about specific policies. You will be able to get production numbers. For policies that are downloaded, the term premiums are included in the download. For policies that are not downloaded, you would input the term premium manually using the [[Policy_Dashboard#Policy_Summary|Policy Dashboard]].
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== Option B: Commission Download and Commission Builder==
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[[Commission Download|Commission Statement Download]] is a very fast way to get the individual customer accounts updated, but it is only available from some companies. [[Certified Download Companies|We are certified with several hundred companies for commissions]].
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[[Commission Builder]] is a fast method of updating individual customer accounts based on the printed statement received from the company.
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If you use the Commission Builder or Commission Download, you will be able to use all the reports in the system to track your income and growth.
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== Option C: Create Individual Direct Bill Invoices and Reconcile Receivables ==
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[[Invoice: Create An Invoice]]
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[[Reconcile Company Receivables]]

Latest revision as of 20:08, 28 August 2017

Related Pages
Related Categories

There are a number of options than can be used, and they vary in terms of how much work is involved, and how much detail you can get from the system.

A key question is “Do you pay producers commission based on individual sales?” If you do, you must record those sales as individual invoices, so you can pay them correctly. That requires creating invoices through, Commission Download, Commission Builder, or individually.

Frequently Asked Questions (FAQ)

Option A: Record Direct Bill Commissions by Company Without Invoicing

The simplest method is to simply deposit the commission checks in your bank, and record the monies received directly as income.

See: Direct Bill: Record Commissions By Company Without Invoicing.

If you choose to deposit the monies straight to income, you won’t be able to get accounting information about specific policies. You will be able to get production numbers. For policies that are downloaded, the term premiums are included in the download. For policies that are not downloaded, you would input the term premium manually using the Policy Dashboard.

Option B: Commission Download and Commission Builder

Commission Statement Download is a very fast way to get the individual customer accounts updated, but it is only available from some companies. We are certified with several hundred companies for commissions.

Commission Builder is a fast method of updating individual customer accounts based on the printed statement received from the company.

If you use the Commission Builder or Commission Download, you will be able to use all the reports in the system to track your income and growth.

Option C: Create Individual Direct Bill Invoices and Reconcile Receivables

Invoice: Create An Invoice

Reconcile Company Receivables

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