Accounting and commission
Premium, commission and carrier net. In one ledger.
Every invoice and credit note posts to a transaction ledger. Commission, net payable and broker debtors come straight from it.
A transaction ledger records an invoice for new business, an invoice for an endorsement and a credit note for a cancellation. Each line shows gross premium, MGA commission and the net owed to the carrier. The credit note claws back its commission in full. The month's net payable to the carrier and commission earned update as each line posts. The debtor balance shows what brokers still owe.
GL-26-0417 · transactions
INV-30418 · New business$27,500.00
Commission 15%$4,125.00
Net to carrier$23,375.00
A ledger you can reconcile
Gross premium, taxes, fees, commission and carrier net are frozen on each transaction when it posts.
- Invoices and credit notes for every bind, change and cancellation
- Configurable taxes, fees and surcharges, such as surplus lines tax and stamping fees
- A bind and its reversal net to zero on every column
- Reconciliation checks that flag rows that don't add up
Net payable · October
$25,400 to Meridian Specialty
Commission without the spreadsheet
Commission rates come from a matrix by product and broker, and every change is recorded.
- Commission matrices by product and broker
- Recalculated when a rate changes mid-term
- Clawed back in full on cancellation
- Net payable to each carrier, ready to settle
Reports out of the box
- Invoicing and credit notes
- Broker debtors and aging
- Carrier payments
- Renewals and expiring policies
- Pending quotes and surveys
- Underwriter performance
- Product scorecards
- A daily daybook email
- Excel export for every report
See it with your own submissions.
A 30-minute walkthrough on your lines, your forms and your binders.
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