Adjustments allow you to give and take money from agents for one-time payments (ex. bonuses, fees, etc.) that are not specific to policies. You can also give advances to new agents that are starting out. In this article, you’ll learn how to add and edit agent adjustments.
Note: You must belong to a Security Group with the “Manage Agent Adjustments” permission. Without it, you may view adjustments but you won’t be able to add or modify them.
IN THIS ARTICLE
How to add an adjustment
- Go to the Agent record > Commission > Adjustments tab and select the “Add Adjustment” button.
- Specify the Adjustment Type.
- The Adjustment Type determines whether the adjustment will add to or deduct from an Agent’s commission earned. See Adjustment Types for more details.
- Apply the adjustment to an Agent Statement Date.
- You can choose an unlocked Agent Statement Date or a future date. The future date must be AFTER the last unlocked Agent Statement Date. The adjustment will be applied when you finalize payments and lock the Agent Statement Date.
- Enter the amount and add notes (optional) and save.
You can make three different types of adjustments:
- Negative - An amount to be deducted from the agent’s commission earned. Examples include office expenses, administrative fees and technology fees, etc.
- Positive - An amount to be paid to the agent in addition to commission earned. Examples include bonuses that are not policy-specific, reimbursements, etc.
- Advance - An advance on commission to be repaid at a later date. When you make an advance, AMS+ will automatically create two separate adjustments on the Agent record. One for the advance payment and one for the advance repayment. These amounts will always be the same.
- Payment: A positive amount will be added to the agent’s balance.
- Repayment: The initial payment amount will be deducted from the agent’s balance. This will occur AFTER (you specify the exact date) the initial payment has been processed.
Future Agent Statement Date
When you make an adjustment, you must select an unlocked Agent Statement Date or a future date. This tells AMS+ when to apply the adjustment to agent payments.
Most of the time, you'll choose an existing unlocked date, but you might choose a future date if you want to plan out your adjustments ahead of time.
Note: If you choose a future date, AMS+ will put the adjustment on hold until you’re ready to finalize agent payments for that date.
How to edit an adjustment
Adjustments are applied to an Agent Statement Date. While the date is unlocked, its adjustments will have a status of “PENDING”. You can make edits to any adjustment that has a “PENDING” status.
When the date is locked, the status of its adjustments will change to “PROCESSED” and you will no longer be able to make edits.
Please note that unlocking Agent Statement Dates and making changes to payments, adjustments, or commission entries could have downstream impacts on your commission history, reports, and agent balances.
If you need to fix an adjustment that is applied to a locked date, we recommend adding another adjustment to the next Agent Statement Date with a note describing the reason why.
How do I make an adjustment recurring?
Currently, adjustments do not recur automatically. If you know which dates you want the adjustment to “recur”, you will need to manually create an adjustment for each date.
How do I apply adjustments to Agent Statement Dates that are before January 1, 2022?
You can only apply adjustments to dates on or after January 1, 2022, and moving forward.