Overview
To track and monitor commissions received, AMS+ uses commission frequency settings on Policies. Selecting a commission frequency on a Policy allows you to work with Commission Not Received reports and Projection Tables. In this article, we will look at Commission Frequency details and how to set up a Policy with an Advance + Frequency.
IN THIS ARTICLE
Selecting a Commission Frequency
The commission frequency setting is specific to each Policy. It indicates how often you expect to receive commission payments on a Policy. When you create a Policy, the commission frequency defaults to monthly. To select or update a commission frequency on a Policy:
Step 1: Select a Policy.
Step 2: Select the Commissions tab.
Step 3: Click on the Settings.
Step 4: Choose the desired commission frequency.
Frequency options are:
- Monthly (12 times a year)
- Bi-Monthly (6 times a year)
- Quarterly (4 times a year)
- Semi-Annually (2 times a year)
- Annually (1 time a year)
- One Time
- None
- Advance + Frequency
Advance + Frequency
Some Policies have commission structures that provide an upfront advance and then generate a stream of commissions. With this in mind, you can specify the number of months to advance and then select the commission frequency once payments begin to flow. To select or update an advance + frequency on a Policy:
Step 1: Select a Policy.
Step 2: Select the Commissions tab.
Step 3: Click on Settings.
Step 4: Select Advance + Frequency.
Step 5: Enter the Number of months for the Advance and then the Commission Frequency.
Working with Reports & Projection Tables
Commission Not Received Reports
Your selection of a Policy's commission frequency works in connection with AMS+'s Commission Not Received reports (found under Commissions - Reports). AMS+ uses the commission frequency with the payment history on a policy to determine if a commission payment was missed for particular commission period. Both the Commission Not Received Reports use a Policy's commission frequency - by Statement Date and by Bill from Date.
Projection Tables
Your selection of a Commission Frequency works in connection with Projection Tables. Review the Basics of Projection Tables and Creating & Updating Projection Tables articles for details on how commission frequency works with projection tables.