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Life Policies, Commission

The commission screen is split into two halves, with “Initial/Indemnified commission” details at the top and “Renewal commission” details at the bottom. Current regulations require you to disclose commission details to your clients before they proceed with a policy, so you are bound to know each policy’s commission details in advance, and should be able to enter them on the “Commission” screen, as follows…

Network Deduction

If you are a member of a network then refer to “Life, Commission, Network Deductive”.

The “Calculate” Button

The “Calculate” button can automatically enter all of the above details for you, but only if the rates it depends on are kept up to date (see “Life, Commission, Calculate Button”).

Invoiced Separately or Grouped

Typically each individual sum of initial commission is invoiced separately, while the many small sums of monthly renewal commission received from each company get lumped together in a single invoice (e.g. Norwich Union renewals for July). Hence the top, initial commission, drop-down entitled “Invoice separately or grouped” should typically be set to “Separately”, while the lower, renewal commission one should be set to “Grouped”. You are recommended to follow this procedure, though ultimately it is just a matter of taste. However be warned that if you post all your renewal commissions individually then your Sales Ledger is likely to become massive.