Revenue Types provide another layer to commissions processing so you can distinguish and pay out commissions by type. With revenue types, you can distinguish an override from a base commission and then pay and track each accordingly. Create distinct payouts by each revenue type as needed.
Should I use revenue types?
- Do you use AgencyBloc to process and split commissions for agents?
- Do you receive a combination of overrides and commissions?
- Do you need to pay overrides different from base commissions?
If you answered Yes to all 3 questions, you'll most likely benefit from using revenue types.
IN THIS ARTICLE
Video Guide (25:47)
Video recorded on April 6, 2021.
Working with Revenue Types
Requesting Revenue Types
Revenue Types are an account level option and need to be activated by Client Success. To activate Revenue Types, the AgencyBloc account owner needs to contact Client Success by calling (866) 338-7075 or via email at firstname.lastname@example.org.
Creating & Using Revenue Types
There are two default revenue types - Commission and Override. These cannot be modified or deleted. Add or remove revenue types in Data & Custom Fields Settings under Field Options (Manage Data and Manage Custom Fields permissions are needed). Create your revenue types before importing and processing commissions.
Setting up your Rate Tables & Payees
Rate tables default to pay commissions for All revenue types. With revenue type set to All, commissions are paid regardless of revenue type. For a refresher on setting up and processing commissions review Creating Rate Tables and Setting Payees on Policies. To pay commissions by revenue type, add the following steps to the Rate Table setup process:
- Select a Rate Table.
- Create a new rate table or edit an existing.
- Select the Revenue Type along with any other details to define the commission scenario
- Create rates for each revenue type you expect to receive - whether paying or not paying.
- If you plan to receive both an override and commission, but don't want to pay for the revenue type of override, create a rate with the override revenue type and enter an amount of $0 or 0%.
Importing and Processing Commissions
An updated Standard Format import map is available for download on Import Carrier Data. To update an existing map to include Revenue Type, submit a request from Import Carrier Data > Modify Existing Import Map.
Importing & Processing
If you import a commission statement that has a column for revenue types but it is not mapped, records default to the Commission revenue type. If the revenue type is blank, it defaults to the revenue type of Commission. If no matching revenue type is found, the record is not imported. For matching revenue types, commissions pay based on rates established for that revenue type. To edit or update a revenue type on an existing commission record:
- In the Commission area, select View & Edit Entries.
- Find the commission record then select Edit.
- Update the Revenue Type.
- Select Save & Close.
- Remember to select Re-link to update commission records with correct rates.
Reports & Payment History
Dig into the details of your commission's data with commissions reports. Revenue Type is included in the following reports:
- Commission Payments
- Commission Totals
- Commission Received/Paid
Policy Payment History
As you are viewing a policy, you can review the revenue type of each commission > payment history. You can sort and filter payment history to find specific commission payments.
If I activate revenue types, how does it affect past commission records?
AgencyBloc defaults all past commission records to the revenue type of Commission. Any changes you make to revenue types and rate tables will only impact records going forward.
What happens if a record is missing revenue type? What happens when a record’s revenue type doesn’t match any?
If a record on a commission statement is missing a revenue type, AgencyBloc will default that entry to the revenue type of Commission. If a record’s Revenue Type does not match any in the system, the record will not import.
What happens when a rate table is set for one revenue type and I import records with a different revenue type?
If a rate table does not contain a matching rate based on revenue type, you will see a No Rate Found edit. Address the edit by creating a rate for that revenue type in your rate table or updating the revenue type on the commission record.
What do I need to do with my Commission Import Maps?
If you have commission maps that contain revenue types, submit a request from Import Carrier Data > Modify Existing Import Map to update the map to include.
Do revenue types impact the commission graphs on the Agency Dashboard?
For now, commission data on the agency dashboard reflects all commissions received, regardless of revenue type.
How do revenue types work with Projecting Commissions?
For now, projection tables generate the commissions you expect to receive on a policy - regardless of revenue type. The actual commission includes all commissions received - regardless of revenue type. As such, revenue types do not impact your projections or Actual vs. Expected.