Reconciling Agency Commissions

Steps

Step 1: Access the Reconciliation Module

1. Navigate to Miscellaneous in the main menu.

2. Click Accounting Items and select Reconciliations.

Step 2: Select “Manually Reconcile Agency Commissions”

1. In the dropdown menu, choose Manually Reconcile Agency Commissions.

2. This view displays all commission transactions available for reconciliation.

Step 3: Filter the Transactions

1. Use the filters at the top of the page to narrow the list of transactions.

2. Filter by:

   • Endorsement Dates — Match the date range on your carrier/MGA statement.

   • Carrier or MGA — Select the specific company whose statement you’re reconciling.

3. Filtering ensures that only relevant transactions are displayed, preventing accidental reconciliation of unrelated items.

Step 4: Review and Verify Records

1. Carefully review the filtered transactions.
2. Confirm that the commission amounts match your carrier/MGA statement.
3. Verify that payment dates are correct.
4. If transactions are missing from the list, see Troubleshooting Missing Commission Transactions in Momentum AMS before proceeding.

Step 5: Use the AI Option (If Applicable)

• If your carrier/MGA statement is a PDF with no CSV available:

  1. Go to Momentum AI or the Toolbox.

  2. Use the PDF-to-CSV conversion tool to generate a CSV version of the statement.

  3. Verify all policy numbers and amounts in the generated CSV before importing.

  4. Ensure the policy numbers match exactly with Momentum AMS format, or the transactions will not match.

  5. If you will import the CSV, follow the steps in Importing and Matching Commission Statements to complete the process.

Step 6: Reconcile the Transactions (Best Practice)

1. Select the checkboxes next to the transactions you want to reconcile.

2. From the Actions menu, choose Create New Statement.

   • This action both reconciles the selected commissions and generates a new statement record.

   • Why this is best practice:

     • It keeps reconciliations organized.

     • It allows you to easily find and review specific reconciled batches in the future.

     • If errors occur, you can correct them without affecting unrelated reconciliations.

3. Name the statement clearly (e.g., Agency_Name_Carrier_Month_Year) for easy reference.

Step 7: Save and Finalize

1. Review the new statement for accuracy.

2. Save the statement to complete the reconciliation.

3. You can view reconciled statements anytime under:

   • Miscellaneous → Accounting Items → Agency Statements.

Best Practices

• Always filter first to avoid reconciling unrelated items.

• Cross-check commission amounts and payment dates against the carrier/MGA statement before approving.

• Use the Create New Statement method rather than marking items reconciled without a statement.

• Name statements consistently for quick search and retrieval.

• Keep all carrier/MGA statements (PDF or hard copy) stored securely for auditing purposes.

• Use the AI PDF-to-CSV tool for faster processing when only a PDF is available, but always verify the converted data before import.

• If using the AI-generated CSV, follow the process in Importing and Matching Commission Statements to ensure correct mapping and import.

• Reconcile commissions promptly after receiving statements to prevent backlog.