The Nowcerts commissions reconciliations module allows users to mark hundreds of commission as paid in just seconds. Here is a quick overview of the process.

 

1 -Go to Miscellaneous. Click Accounting items. Select Reconciliations. The idea is this. First, Reconcile Agency Commission so then you can pay agents/producers (from funds received by the agency)

2- First, let "reconcile" agency commissions, meaning apply received payments to expected agency commission amounts. So, from the drop down select "Manually Reconcile Agency Commissions".

 

3- Use the filters to select a certain set of transactions. Usually, agencies use endorsement dates and carrier/MGA to reconcile a statement they have received.

example:

 

Select the records you want to reconcile (to apply a received commission payment), make sure you verify the suggested amount and the payment date. Then from the Actions select Reconcile 

Selecting "Create new statement" will also reconcile the selected commissions.

 

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This is it. You can potentially apply a payment to thousands of agency commissions in just seconds.


https://www.loom.com/share/9bdbd0092a1e4960bfb4d20f8b1763b6

 

Next step will be to Prepare Agents statements and pay you producers. There is a separate step-by-step for that.

I hope this helps.