These general steps may differ slightly based on how well agencies have been entering commissions.
If they have been diligent, and have been entering commissions when doing the endorsements, then these are the simple steps.
Both Agency and Agent commission should have been generated when entering endorsements.
Carrier downloads generate agency commission and there is a way to quickly generate Agent commissions, but more on that later.
So, the Steps (under normal procedures):
(1) First - Reconcile Agency Commission. Without having reconciled Agency commissions, you may be paying agents money you have have not received. Highly advisable you do this first (we will have a step by step on that later).
(2) After Agency Commission are reconciled, you are ready to reconcile Agent/Produce commissions AND prepare statements. For this to work properly, you should not have marked Agent commission as paid previously (throughout the month). This is how you reconcile Agent/Producer commission:
- Go to Miscellaneous, Reconciliations, then - select Manually Reconcile Agent Commissions.
- The key now is to select the proper filters. There are two type of date filters that are important. Endorsement effective date range and Agency Commission Received date range. this will determine the correct items brought up for reconciliation.
- You also want to filter for a specific Agent/Producer. After all the filters are defined as desired, press SEARCH.
This will bring up all endorsement with matching agent commission. Of course, you must have generated the agency commissions first. This means:
(a) the Agent must be on the policy and (b) the commission must have been generated. If you are missing agent commission, there is a way to generate those quickly. (more on that later).
- Once you bring up all the items in the list, then mark how much you want to pay in the amount box.
once all is selected, then from Actions select Create New Statement. This reconciles the commissions and prepares a statement (with a Total you need to pay the agent).
this is your statement for the agent for the period.
Now, please ask questions and we can fill in the blanks.