Share Revenue- Reconciliations

If your system is installed to share revenue (see System Settings), you are able to define revenue sharing information for policies as well as transactions. This affects certain workflows available from the Direct Bill Commissions, Premium Payable, and Producer/Broker Payables Reconciliations areas.

Direct Bill Commissions Reconciliations

Record Commissions

If revenue sharing is enabled for your system, the Share Revenue frame displays at the bottom of the Record Direct Bill Commissions screen when you add an item to a statement. The fields in the frame are enabled if you click the Add button to add a producer, or if you highlight a producer in the list. All information displayed in the Share Revenue frame defaults from the selected policy or line, but you may modify it if necessary.
Note: The Share Revenue frame is disabled if a broker is selected, as revenue sharing is available only for producers.

The Share Revenue frame shows a producer's Revenue % and Amount, as well as the receiving structure (Agency, Branch, Department, and Profit Center). All fields are editable except for the Amount, which automatically calculates based on the Revenue % and the amount of the transaction.

The same logic used when adding producers to a transaction using revenue sharing also applies here. See Add a Transaction - Commissions Tab for more information.

Reconcile Commissions

The Adjust Commissions action is accessed by selecting an item on a direct bill commissions statement and clicking Adjust. Under some circumstances, you are able to modify revenue sharing information from the Adjust Commissions screen. Click here for more information on modifying revenue shares via the Adjust Commissions workflow.

Premium Payable Reconciliations

The Adjust Commissions action is accessed by selecting an item on a premium payable statement and clicking Adjust. Under some circumstances, you are able to modify revenue sharing information from the Adjust Commissions screen. Click here for more information on modifying revenue shares via the Adjust Commissions workflow.

Producer/Broker Payable Reconciliations

Adding a Producer Payable Statement

When adding a producer payable statement, you may use the Agency, Branch, Department, and Profit Center criteria to locate/filter payables based on structure. The system looks at where the producer payable is posted.

• If the producer is not sharing revenue on this transaction, the payable posts to the main transaction agency.
• If the producer is sharing revenue and your system is installed to post producer payables based on the primary receiving agency (see System Settings), the payable posts to the structure entered as the producer's primary office in Employee Detail.
• If the producer is sharing revenue and your system is not installed to post producer payables based on the primary receiving agency, the payable posts to the structure defined in the Share Revenue frame (see Add a Transaction - Commissions Tab).

When you select a Payment month for a producer payable statement, the system verifies that the month is not locked, posted, or finalized. This means that it cannot be locked, posted, or finalized for any of the agencies where producer payables are posted.

Viewing/Editing a Producer Payable Statement

When you access the detail for a producer payable reconciliation, the Select Columns feature allows you add columns with revenue sharing information to the list.

The following columns indicate the producer's commission payable structure.

• Com Pay Agcy
• Com Pay Agcy Name
• Com Pay Brch
• Com Pay Brch Name
• Com Pay Dept
• Com Pay Dept Name
• Com Pay Prft Cntr
• Com Pay Prft Cntr Name

The following columns reflect the data entered in the Share Revenue frame for the producer for that particular transaction.

• Rev Receiving %
• Rev Receiving Agcy
• Rev Receiving Agcy Name
• Rev Receiving Brch
• Rev Receiving Brch Name
• Rev Receiving Dept
• Rev Receiving Dept Name
• Rev Receiving Prft Cntr
• Rev Receiving Prft Cntr Name
• Revenue %
• Revenue Share Amount

The Adjust Commissions action is accessed by selecting an item on a producer payable statement and clicking Adjust. Under some circumstances, you are able to modify revenue sharing information from the Adjust Commissions screen. Click here for more information on modifying revenue shares via the Adjust Commissions workflow.

Broker Payable Statements

Because revenue sharing pertains to producers, broker payable reconciliations are not affected by the Share Revenue feature. To view broker expense allocation for a broker payable item, access the Pr/Br Commissions tab in the transaction detail. (To access transaction detail from the Reconciliations area, highlight the transaction and click Access, Transactions.)