Retail Agent Reconciliation

The reconciliation process for retail agent varies depending on whether it is a receivable reconciliation or a payable reconciliation:

Retail agent receivable reconciliations; the process is similar to a client reconciliation where open credits can be applied to open debits or balances cleared with journal transactions. The end balance must be 0 with receivable reconciliations.
Retail agent payable reconciliations; the process is similar to an employee reconciliation where posted invoice commissions are marked to pay to a retail agent. The invoice could be agency bill gross or direct bill. While the end balance may be 0, depending on other link activity, a result of a debit or credit will be offset to the Retail Agent Reconciliation clearing and a virtual receipt or disbursement.

To Perform a Reconciliation

On the Primary menu, click ORGANIZATION.
Select the lowest book level tab, such as the territories tab and select the Details icon next to the entity to reconcile.
Select the accounting > transactions > reconciliation tab.
Click [Add New Reconciliation]. The Reconciliation dialog box is displayed.

In the Entity Type list, select Retail Agent. Two options are displayed, Payable Reconciliation and Receivable Reconciliation.

Payable Reconciliation: Items due to the Retail Agent such as agency bill gross, direct bill gross commissions, receipts and disbursements offset to the Retail Agent Reconciliation Clearing general ledger account.
Receivable Reconciliation: Items such as agency bill net and gross receivables, receive payment residuals, and journal transactions for payable reconciliation and possible balance write-off.