Transactions can be accessed in two locations, one is the Transaction list page which shows Transactions across all policies, the other is accessed from within a Policy where only Transactions for that Policy are displayed.
Transactions can be created manually or imported using the Policy & Transaction import or the Transaction (only) import.
Transaction List Page across all Policies
When adding a transaction from the list page across Policies the Policy number must be selected.
Add Transaction detail page accessed from List page across all policies
Creating a Transaction from the List Page across Policies:
Once the Policy number is entered, these values default in; Policyholder Name, Issuer, Transaction Date (today’s date), Status (Open), Commissionable Premium and Premium (initially from Policy detail values, then after the first transaction from the previous transaction).
The Payment Months, which is the number of months this transaction represents, needs to be entered into the first transaction, but later Transactions would default in the value from the previous Transaction. So, if 1 is entered for one month, then the next transaction would default to 1, if 3 for quarterly then 3.
The Paid Through Date does not default in so would need to be entered, so if the Effective Date of the Policy is 1/1/2025, then Paid Through Date for a month may be 2/1/2024.
Transaction Detail page – Add Transaction
Transaction List Page from within a Policy
Transactions for a Policy can be accessed from the Policy list page or from Policy Details.
Policy list page – detail view showing line options highlighting one to view Transaction details
Policy detail page – link to access transaction
The Transaction list page accessed from within a Policy does not have columns for the Policy Number, Policy Holder, and Issuer.
Transaction List page accessed from within a Policy
When you use one of the links to Add Transaction Record the page that is displayed does not require entry of the Policy number. Other than Policy Number, Policyholder, and Issuer, the same information defaults into the Transaction from the Policy Details or from the Previous Transaction as described earlier for adding a transaction.
Transaction Detail page accessed from within Policy Details
Additional Information on Transactions:
The Source File/Batch ID is populated when an import is used. If you need to remove a batch of transactions, you can copy the filename in this section and paste it into ‘Remove Transactions.’
Member count is used for Group Policies. A negative Member count can also be used for Group and non-group Fixed Amount commission Policies. For a Fixed Amount that pays $25 per month to an Agent, when a -1 Member Count is used, the commission will be -$25. Or if a Group initially had a Transaction with a Member Count of 80, if it were discovered there was an error and it should have been 75, a Transaction of -5 could be used to pay back the overpayment amount.
Negative values for Premium and Commissionable Premium can be used. So, if an earlier transaction were paid for an incorrect premium of $100, a new Transaction could be created for -$100, and then an additional transaction for the right amount could be used. Or.
The Transaction Date can be left to default to today’s date (date Transaction created) or can be adjusted. The Commission Processing Date for a cycle will look for all matching Transactions with a Transaction Date on or later than the Processing Date. While all Commissions should be paid when they come into the Agents according to internal contractual arrangements, in an emergency the date could be moved beyond the Commission Processing Date if more time were needed to correct an error.
When Payment Months is greater than one, for example ‘3’ Payment Months for a Transaction for a quarterly payment, the Results page in the cycle, and the Commission Activity in the Statements will display a separate line for each month. This assures that Advances and Advance Recovery are calculated and displayed correctly and allows each line to show the details are easily understood.
There is a validation on the Paid Thru Date for the first Transaction in the Commission Cycle. This is to help prevent issues. This error may occur if you have Payment Months 3, but that first Transaction has a Paid Thru Date that indicates only one month from the Effective Date of the Policy.