Broker Intermediary Reconciliation

Broker Intermediary Reconciliation - Premium Payable

The Broker Intermediary Reconciliation function allows you to reconcile and pay broker intermediary agency bill premiums so that you can track the amount of outstanding payables and the amount that has already been paid.

If the Journal Entry Approval Process is enabled, only journal entries with an Approved or System Approved status affect General Ledger balances and display on reconciliation screens. Journal entries with a Working, Submitted, or Rejected status are excluded.

Access the Reconciliations area.
1. To access the General Ledger from the Home screen, do one of the following:
1. - Click General Ledger on the navigation panel.
  - Click Areas > General Ledger on the menubar.
  - Click the down arrow next to Home on the options bar and select General Ledger.
To access the General Ledger from another area of the program, do one of the following:
- Click Home > General Ledger on the menubar.
- Click the down arrow next to Home on the options bar and select General Ledger.
1. Click Reconciliations on the navigation panel or Areas > Reconciliations on the menubar.
Click Premium Payable under Reconciliations on the navigation panel.
The Premium Payable Reconciliations screen displays. Enter your desired search criteria to populate the list.

Click here for an explanation of reconciliation statuses.
1. - Processing/Suspended/Finalized/Approved
  - - Processing: Flagging all items submits the job to the central server. Once all items have been flagged, the statement’s status is updated to Suspended.
    - Suspended: Work in progress.
    - Finalized: The statement is complete.
    - Approved: The statement has been approved for payment. The statement's status is updated to Approved via the Approve for Payment action.
  - Paid/Unpaid/Closed
  - - Paid: Paid via the General Ledger.
    - Unpaid: Not yet paid via the General Ledger.
    - Closed: This status replaces the Unpaid status for the selected reconciliation. The Close Without Paying action allows you to close a statement that will not be paid. Use this action only if your organization is cleaning up old payables or if the statement’s amount is 0.00. Using this action on a basic statement might result in an out-of-balance situation.
  - Re-Opened: When a statement has been re-opened, this indicator is always set. This is because once a statement is re-opened, it cannot be deleted. The Delete Statement option is allowed only for suspended statements that have not been re-opened.
To locate reconciliations that match specific criteria, use the search bar. Make a selection in each dropdown menu to locate the desired reconciliation. The fields vary, depending on the menu options you choose.

The choices available in the second dropdown menu vary, depending on the selection you made in the first dropdown.
- - Equals: Enter the search criterion (e.g., the exact company code or user ID) in the field to the right, or select the correct date from the dropdown calendar (if applicable). Click Find.
- Contains: Enter at least one character of the criterion. Click Find.
- Within Range: Search between two calendar dates. Click the down arrow to the right of each field to choose dates from the dropdown calendars. Click Find.
- If you selected Contract Type, select Account Current, Company Statement, or Premium Payable from the second dropdown. Click Find.
- If you selected Created Area, select Receipts or Reconciliations from the second dropdown. Click Find.
- If you selected Paid Area, select None, Receipts, Disbursements, Vouchers, or Reconciliations from the second dropdown. Click Find.
- If you selected Paid Status, select Unpaid, Paid, Closed, or Reconciled from the second dropdown. Click Find.
- If you selected Adv or Rework, select Include, Exclude, or Only from the second dropdown. Click Find.
- If you selected Recreated, Reopened, or Reversed, select Include or Exclude from the second dropdown. Click Find.
- If you selected Statement Status, select Unpaid, Paid, Closed, or Reconciled from the second dropdown. Click Find.
To see the filter that is currently applied to the list, hover over the Search where text.

You can apply multiple filters if necessary.
1. To apply multiple filters to the list, do one of the following:
2. The Edit Filter pop-up window displays.
  
  Note: You can also use the Edit Filter button, rather than the search bar, to apply a single filter to the list if you prefer.
1. Select and/or enter your desired search criteria using the dropdown menus and fields, and then click the Add button. The Name, Compare Type, and Criteria for your filter display in the list. Click one of these column headings to sort the list by that column. To reverse the sort order, click the column heading again.
2. To apply additional filters, enter additional search criteria and continue clicking Add. To remove a filter from the list, select it and click the Delete button.
3. Click Finish when you have applied all of your desired filters.
  
  To exit the dialog without applying any filters, click Cancel.

The Premium Payable Reconciliations screen displays. Do one of the following:

Click the Add button to the left of the list.
Click New on the options bar and select Reconciliation > Premium Payable.
Click File > New > Reconciliation > Premium Payable on the menubar.
With focus on the list, press [Insert] on your keyboard.
Press [Ctrl]+N.

The Add Premium Payable Reconciliation screen displays.

Click the Broker radio button.

Payable Entity is selected in the Criteria list. In the Available section, click Selected, choose the broker in the dropdown menu, and click the Add button.

If you want to specify the payable contracts to include, click the All Contracts link.

In the Available Payable Contracts pop-up window, optionally select the Include Expired checkbox.

Select the checkbox for each contract you want to include and then click Finish or press [Enter].

Repeat steps 5 and 6 to make your Month/Date, Agency, Branch, Department, Profit Center, Line of Business, and Issuing Company selections.

Under Month/Date, you can sort by either Accounting month or Company payables due date. Select the appropriate radio button to choose how you want to select items to reconcile.

Click the Future Adjustments line. In the area to the right of the list, select the appropriate radio button:

Exclude
Include
Based on Contract

Click the Receivable line. In the area to the right of the list, select the appropriate radio button:

All
Partially Paid
Fully Paid

Click the Method line. In the area to the right of the list, select the appropriate radio button:

Select items for payment
Reconcile against statement
Both
Based on contract type

Click the Broker External/Internal line. In the area to the right of the list, select the appropriate radio button:

External
Internal
Both

If binder bill transactions are enabled in System Settings, select the Binder Transactions criterion and choose to Include open binder transactions or Exclude open binder transactions.

In the Statement section, enter a Description of the statement.

Click the appropriate radio button:

Flag all items
Do not flag items

Optionally select the Create separate statements per contract checkbox.

Note: If this box is checked, the program automatically creates an individual checkbox for each Premium Payable Entity + Agency + Contract Type + Payable Contract being reconciled. If this checkbox is not selected, the program automatically creates a single suspended statement for all items in the result set for the selected criteria. When the statement is finalized, the program automatically breaks the statements out by Premium Payable Entity + Agency + Contract Type + Payable Contract - Payment Contact Address.

Change the Accounting month if applicable.

Optionally change the Description.

Click Detail to continue the workflow.

Click here for an explanation of reconciliation statuses.

The Transactions screen displays. Use the filter above the list to narrow the list of transactions if necessary.

Any transaction that includes both a premium and a tax transaction displays rolled up into a single line on the detail screen, indicated by an arrow in the first column. You can use the rolled-up view to flag and pay the transactions without having to pay its detail lines separately. Click the arrow to expand the transaction to view its detail lines.

Select the checkboxes in the Account column for items to be flagged. To select all of the checkboxes, click the Select All link label in the header.

Click to highlight the desired item and then click the appropriate button. If you need more information about a transaction, click the Transaction Detail link label.

Adjust
1. The Adjust Commissions window displays. Change the agency commission Type if desired.
2. Adjust the agency commission Percent or Amount if applicable.
3. Change the broker commission Type if desired.
4. Adjust the broker commission Percent or Amount if applicable.
5. Optionally change the broker's Production Credit.
6. Change the producer commission Type for each affected producer.
7. Adjust the producer commission Percent or Amount for each affected producer.
8. Optionally change the producers' Production Credit.
9. Adjust the Co Pay Due Date if necessary.
10. Click Finish when the information is complete.
  
  Click Cancel to close the window without making any adjustments.
11. To close the Transactions screen, click the X next to the open reconciliation in the navigation panel.
Write-Off
1. The Write Off Payable window displays. Confirm that the Amount is correct.
2. Click Finish to complete the workflow.
  
  Click Cancel to close the window without writing anything off.
3. To close the Transactions screen, click the X next to the open reconciliation in the navigation panel.
Activity
1. The Add Activity screen displays. Transaction defaults in the Add to dropdown menu. Select a different association if necessary:
  - Account
  - Bill
  - Claim
  - Line
  - Policy
  - Transaction
If you opt to attach to the Account, Claim, Line, or Policy, click on the correct item in the list.
1. The Item # of the selected transaction defaults.
2. Click Continue.
3. Add the activity as usual.
4. To close the Transactions screen, click the X next to the open reconciliation in the navigation panel.
Discrepancy
1. Click this button to change the discrepancy status of the transaction to Discrepancy. You may be prompted to enter an activity, which you should assign to the person responsible for making the correction.
2. When the discrepancy has been resolved, highlight the transaction again and click Discrepancy to update its discrepancy status to Resolved. If an activity is associated to the discrepancy, you are prompted to close the activity.
Close Binder
1. Select a transaction with a Binder status of Open.
2. Click the Close Binder button below the list.
3. Select the Accounting month in which the binder should be closed and click Finish.

After creating the statement, you have access to the following actions: