Reconciling Agent Commissions

Steps

Step 1: Ensure Prerequisites Are Met

1. Agency Commissions Reconciled — Confirm that the agency commissions for the same period have already been reconciled.

   • This prevents paying agents on funds the agency hasn’t yet received.

2. Agent Assignments — Verify that each relevant policy has an assigned agent or producer.

3. Commission Rules — Ensure that agent commission rules are active and set up correctly for each carrier, line of business, or policy type.

   • If agent commission rules have not been applied yet, see Configuring Agent Commission Rules before proceeding.

   • Without rules, the system cannot automatically calculate what each agent should be paid.

Step 2: Access Reconciliations

1. Navigate to Miscellaneous in the menu.

2. Click Accounting Items → Reconciliations.

3. From the dropdown options, select Manually Reconcile Agent Commissions.

Step 3: Apply Filters

1. Endorsement Effective Date Range — Filters policies by the endorsement effective dates.

2. Agency Commission Received Date Range — Filters policies by the date the agency commission payment was received.

3. Agent/Producer Filter — Narrow results to a specific agent or producer if needed.

4. Additional Filters — Sort by carrier, MGA, or insured name as needed.

5. Click Search to display the list of matching transactions.

Step 4: Review and Verify Transactions

1. Compare each transaction against your internal payment records to confirm accuracy.
2. Check that calculated agent commission amounts match expectations based on your commission rules.
3. Verify that no duplicate payments exist for the same policy term and endorsement.
4. If agent commission transactions are missing, see Troubleshooting Missing Agent Commissions in Momentum AMS for steps to generate them.

Step 5: Reconcile and Create a Statement

1. Select the checkboxes for all transactions you wish to reconcile.

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

   • This generates a record of the reconciliation for tracking and future reference.

3. Name the statement clearly (e.g., Agent_Name_Month_Year) for easy retrieval.

Step 6: Save and Finalize

1. Review the statement to ensure all transactions are correct.

2. Save the statement to finalize reconciliation.

3. Use the statement to process payment to the agent.

Best Practices

• Always reconcile agency commissions first before reconciling agent commissions.

• Ensure that agent commission rules are set correctly for each carrier, LOB, or policy type to avoid calculation errors.

• If agent commission rules aren’t configured yet, complete that setup before starting reconciliation.

• Use consistent naming conventions for statements to simplify reporting and audits.

• Keep all reconciliation statements stored for compliance and future reference.

• If discrepancies are found, correct them in Momentum AMS before proceeding with payment.