In commission processing, you have the option to add deposit information to your Transactions. Deposits are a way for you to track and compare your bank statements against the carrier statements. In this article, we’ll discuss how to enter deposit information, and how to pull a report that you can compare to bank statements or your accounting system.
IN THIS ARTICLE
When creating a new Transaction—typically when importing carrier statements or adding manual commission entries—you will have the option to add a deposit. You can also add deposits to an existing Transaction at any time.
When adding a deposit, you’ll notice a few fields:
- Deposit Date - The date the money hit your bank. Please note, the Deposit Date may differ from the Carrier Statement Date.
- Amount - The total amount deposited into your bank account on the deposit date.
- Bank Account & Bank Reference Number - For tracking the specific bank account the money went into.
- Notes - Include any additional details.
You can also add custom fields to capture additional details that are unique to your agency.
- Locate and open the Transaction you want to edit.
- At the top, you’ll see the basic deposit information.
- Select the pencil icon to begin editing.
- You can add new deposits and modify existing ones.
Adding bank accounts
The first time you add a bank account, you’ll be able to type it directly into the field. To add more bank accounts, you’ll need to select the pencil icon and choose “Create new.”
When adding a bank account, we recommend including the bank name followed by the last four digits of the account number. For example, Chase Bank - 1234.
You can download lists of your deposit activity using the reports.
- Go to Reports > Standard Reports > Commission.
- Select the “Carrier Deposits” report.
- Set the report criteria.
- To pull deposits for a specific date or date range, use the Deposit Date and Carrier Statement Date filters. To pull all deposits, leave the filters blank.
- Run the report.