Revising Commission During Reconciliation

This process will allow the adjustment of commissions to be made during the reconciliation process without reversing or re-billing invoices.  Adjustments to commission can be made to both Direct and Agency billed invoices.

To Revise a Commission

1. On the Primary menu, click ORGANIZATION.
2. Click the territories tab.
3. Click the Details icon of the appropriate territory.
4. Click the accounting tab.
5. Click the transactions tab.
6. Click the reconciliation tab.
7. Click the Add New Reconciliation link.
8. Select Carrier in the entity type drop-down box
9. Search for the appropriate Carrier, select Subordinate Carriers if applicable, and click OK to display the reconciliation header screen for the select Carrier.  The Date Booked will default to today’s date.
10. Enter Description.
11. Click the Transactions link in Quick Navigation.
12. Transactions screen defaults to posted Agency Bill invoices; click the Search filter [Show] link and search by Agency bill, Direct bill or both to pull them into the reconciliation. (Use the other search criteria for a more refined search).
13. Click the Item ID hotlink to launch the posted invoice into edit mode.

14. Click the Details icon of the Agency Commission to enter the correct commission rate and click OK.
    

15. If Agency commission is based on a percent of the premium, it will automatically display a second line item with the difference and the amount due (credit or debit).  If people commission is based on a percent of the Agency commission, it will adjust automatically.  The people commission can also be adjusted by clicking on the details icon.  This will also generate a second line item based on the difference.

16. Click the Post Adjustment link to post the commission changes made to the invoice.
17. Click the Reconciliation (ID) link under the invoice header to return to the reconciliation.

18. Repeat steps 14-18 for all invoices where the commission amount does not match the Carrier Statement.
19. Continue the Reconciliation process.
20. Once the reconciliation is completed and posted, click the Print link under the reconciliation header.
21. Select Remittance Advice in the Print Selection drop-down box.
22. Click OK.
23. Click the Print link in the Adobe toolbar to print out the remittance advice to compare to the Carrier’s statement.
24. Click the Delivery link under the Reconciliation header to email or fax from Nexsure.

Related Topics

Reconciliation

Direct Bill Carrier Statement Entry