NextAgency makes it possible to import carrier commission statements from an Excel file. To import commissions, follow these steps:
- On the dashboard, click Fast Access > Carriers.
- Find the Carrier for which you are going to import the statements.
- Click Actions > Commissions to open the commission statements page for this carrier.
- You can click on Import Statement.
- On the import page that opens, you have the following options:
- Date Received: Specify the statement receipt date. The current date is filled in by default.
- Commission Statement Total: You can enter the total commission amount here to verify it later.
- Download Default Template: Download the default commission input template provided by NextAgency.
- Advance Settings: You can set Commission Statement Import Settings here such as Rows to skip, Given date format, Keywords rows to skip, and Product Type Conversions.
- Retrieve Work: You can retrieve your saved work using this option.
- Then you can either enter the data into the template or upload your own file and then map the fields against those of NextAgency. Once you upload the sheet, click on Map Headers.
- When mapping the headers, you can see your headers (from the sheet) on the left and system headers on the right. If the headers do not match, you can select the matching header from the drop-down.
- Select the Ignore checkbox next to the header(s) that you do not want to import.
- When ready, click Continue.
- The system will verify the uploaded data by finding the matching cases based on criteria such as coverage, group name, carrier policy number, paid to date, premium amount, commission rate, commission paid, number of employees, date received, and case name. Please note that if you try to change the data manually, NextAgency will alert you that it could not found any associated cases.
- When ready, click Continue and then click on Import. The system will then display the uploaded commissions.
The next time you click Actions > Commissions for the carrier record, you will see the summary of the imported commission statement, including the date received, paid to date, total premium, total commissions, and actions.
Under Actions, you can either access the Details of the statement, i.e. review the imported records, or Delete the statement. Please note that to protect the statement records, you should enter DELETE in the provided input field and click Confirm.
It is also possible to view the commissions from the case page. To do it, open the case record and go to the Commissions tab. The Commissions tab is divided into several sub-tabs:
- Commissions. Here you can view all commission records pertaining to the case. The records are organized according to carriers. Click the name of the carrier to expand the relevant commission statements.
- Overrides and Bonuses. Here you can view all override commissions and bonuses that are related to the case.
- Split. Here you can split the commissions between the sub-agents.
To set up commission splits, go to the Split subtab and click Manage Split Settings.
In the Manage Split Settings window, fill in the following information:
- Select sub-agents: Choose the sub-agent with whom you are going to split the commission.
- Schedule: You can select the saved schedules from this menu.
- Coverage Type: Choose the type of coverage on which commissions will be split.
- Carrier: Choose all the Carriers that you want to apply this split for.
- Commission Rate Type: Specify the type of the commission rate to be shared with the sub-agent - percentage, per employee per month, or flat amount.
- Commission Split: Enter the corresponding percentage or amount that will be shared with the sub-agent.
- Effective Date: Choose the date on which the split commission becomes effective.
- End Date: Choose the end date for the split commission. This is especially useful if the commission split changes over time. You should create a separate commission split for each time period. If you leave this field blank the commission split will continue indefinitely.
- Compensation: Select the form(s) of compensation for the split - commissions, overrides, and/or bonuses.
- Comment: You can add Comments on this split here.
When ready, click Save. The split commission record is added to the list.
It is also possible to edit the split record by clicking on the edit icon.