Agency EFT Commission Payments

Overview

This functionality allows Agency EFT Commission Payments to be sent to a different account other than an agency's credits and debits. The workflow described below gives an example of setting up / generating the agency EFT Commission payments.

Step 1: Utilities / Administration / Agency Setup

For any agency you are setting up to pay EFT commission, Edit  the agency on the Employee Web, Utilities / Administration / Agency Setup.

On the General Node:

• Use EFT For Commissions: Make sure this field is selected to place a check mark in it.

Step 2: Utilities / Administration / Agency Setup

Move to the agency's EFT Node and add Bank Account information as follows:

• Account Use: Select "Agency Commissions."
• Routing Number: Nine (9) digit bank routing number.
• Account Number: Six (6) digit bank account number.
• Account Type: Select "Checking" or "Savings."
• Transaction Type: Both Credits and Debits must be set up unless the company is configured to draw Commission / Agency Statement Balances that are due the company.

Step 3: Company Configuration Tool / Billing / Bank Account

Add a bank account for Agency EFT Commission Payments (if one does not exist already).

Step 4: Company Configuration Tool / Company (Setup)

Edit the company you are setting up Agency EFT Commission Payments for in Company Configuration Tool / Company:

• Line of Business: Select the line of business.
• Bank Account Tab: Select the "EFT Agency Commissions" bank account number located at the bottom of the screen.
• Click Add.
• From the Bank Account Use screen, select EFT Agency Commissions from the combo box.
• Save

Repeat the steps above to link the EFT Agency Commissions bank account to each state / line of business using this function.

Step 5: Company Configuration Tool / EFT / Setup

Add the EFT Group Type, "Agency Commissions," as follows:

1. Highlight the Company / State / Line of Business combination in the bottom of the screen you are creating the EFT group for. (Note: Place a check mark next to each line of business that will be in this group. Only those lines with bank accounts set up for this method will be displayed.)

2. EFT Group Name: Enter a meaningful group name (e.g. Agency Commissions).

3. On the right side of the screen, make the following entries and selections:

• File Path: Enter the name of the path where the Export file will be sent, or click the Ellipse button ("...") and locate the directory / folder combination. When selected, click OK.

• File Name: You can manually enter the export file name here, or click the Use System Date as File Name field to place a check mark indicating the file name will use the system date; format YYYYMMDD.

• Use System Date as File Name?: Select to indicate the Export File Name will assume the system date's name.

• File (Name) Extension: Enter the file name's extension. For example, enter EFT. The whole file name, if you are using the date for the file name would then look like this: 20090502.EFT.

• Preceding Tax Number: This is the number that precedes the tax number; usually the number 1.

• Effective Entry Days: In the EFT files, the generation date is currently used as the deduction date of the policy premiums. This causes the bank to draw funds from the insureds' accounts earlier than intended and stipulated in the policy terms. When an entry is made in the field, this extends the date of the Effective Entry Date in the EFT file. This field defaults to blank. If the days are not entered, this will have no effect.

• Entry Description: Optional field; user defined.

• Company Discretionary Data: Optional field; user defined.

• Company DLL Name: This is the name of any company specific EFT functions. For example,  enter something similar to Diamond.C00XX.Business.EFT would go here. (Where XX in the C00XX name would be your company number.)

Step 6: Diamond Administration / Billing / EFT / Generate EFT File

Special Notes:

• Static Data must be refreshed before the newly added EFT Group, "Agency Commissions," will display for file generation.

• The Agency EFT Commission Payments file will NOT be generated through End of Day Processing: Generate EFT Files; regular EFT Group will only include EFT Payments.

- Run Generate / EFT File for Agency EFT Commission Payments at any time.

- End of Month Processing: Ensure  Generate / EFT File for Agency EFT Commission Payments runs AFTER End of Month Processing has completed.