Release Notes: August 2021

In August, we made an enhancement to our Commission Module. For a guided tour through the enhancement, watch the recordings here.

8/11/2021 - Commission Module Enhancement

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8/11/2021 - Commission Module Enhancement

Due to your feedback, we made an enhancement to our commission module so you can:

• Find and manage carrier statements and entries by a unique ID and name.
• Track and retain important dates throughout the commission cycle.
• Validate payments by tracking deposits with carrier statements.

See below for more details. For a guided tour through the enhancement, watch the webinar recordings here.

Added Transactions

To make finding and managing your commission entries easier, we added a new grouping functionality, called Transactions.

With Transactions, you can:

• Consolidate all commission entries from a carrier statement into the same Transaction without needing to merge any dates.
• Add deposits to a Transaction that correspond with the payments you receive from the carrier.
• Give each Transaction a unique name to make it easier to identify and trace commissions back to their original carrier statement.

Datafix

To support your current commission data, we made a one-time datafix to move your existing commission entries into Transactions. Each Transaction has a unique ID and name.

Entries added before August 11, 2021, have a Transaction ID of HXN. Entries added after this date have an ID of TXN.

Each Transaction is named after the Carrier tied to the entries. The Carrier Statement Date is the date the entries were created. The Agent Statement Date is the same as the “Statement Date.”

You can edit the Carrier Statement Date if you want to retroactively track the original date from the carrier statement.

Note: This datafix may impact your reporting if you’ve processed entries from multi-carrier statements.

Updated Statement Date Field Name

To differentiate the new “Carrier Statement Date” field from the current “Statement Date” field, we renamed the “Statement Date” field to “Agent Statement Date.” This field works the same as it did before.

We made this name change in the following areas:

• Standard Reports
  • Filter names and report names
• Carrier Data Import page
• Add & Edit Entries page
• Add Entry screens

Updated Carrier Data Import

To help you capture more data related to your carrier statements, we updated the commission import process and import page to support some new fields.

Before

After

What changed?

• New Transaction fields.
• New Carrier Statement Date field.
• “Statement Date” field was renamed to “Agent Statement Date.”
• New Carrier Deposit fields.

Updated Add & Edit Entries

To help you find and manage commission entries, we made some updates to the page layout and added some new fields and filters.

 

Before

After

What changed?

• New Transaction filter.
• New icons in the Commission Entries table now show the commission entry status.
  
  
  • Checkmark - Means an entry has no exceptions.
  • Lock - Means an entry is finalized and ready to pay out.
  • Question mark - Means an entry could not be matched with a policy record. Also known as a “red edit.”
  • Red person with slash - Means the policy does not have any payees identified. Also known as a “red edit.”
  • Red person with x - Means the entry has a payee issue, such as rate not found. Also known as a “red edit.”

Updated Reports

To support Transactions, we added a new “Carrier Deposits” standard commission report. You can run this report to export your Transaction and deposit information.

Note: You need to belong to a Security Group with the “Visible” and “Edit” Commission Permissions to run this report.

We also updated the following standard commission reports to support Transactions:

• Added a new option to the Commission Payments standard report. This option will help you see how much commissions you’ve paid out for a transaction or you can still run the report using Agent Statement Date(s).
  
• Commission Payments standard report displays a new Locked column that indicates whether an Agent Statement Date has been locked, indicating the agent has been paid. Also, the agent payee name is one column and includes the agent’s middle name to help you match payments to the correct agent.
  
• Added the option of searching on a specific transaction in the Commission Received/Paid standard report, which will help you see how much commission was paid to the agency, agents and the net commission left over on a transaction.
  

Moved Commission Settings

To pave the way for these updates and future enhancements, we moved the Commission Settings (ex. Rate Tables, Payee Schedules, etc.) from the Commission page to their own separate page.

To access your Commission Settings, go to Commission > Settings.

Please note, no settings were impacted by the enhancements.

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