GOLD Services Screens > General Ledger Screen Group > Setup G/L and Commissions Screen

The list list view on the left of the Setup G/L and Commissions screen displays insurance premiums and commissions that have already been set up. Selecting an item in this list view displays that item's information in the fields on this screen and makes the Policy and Commissions fields available for editing.

Press <Create New> to use the fields on this screen to create a brand new insurance commission setup and add it to the list.

General Ledger accounts must already be set up in the General Ledger before they can be entered on this screen. The system will return an error provider if the General Ledger account is not already on the system. For more information on setting up General Ledger accounts, see section 3.5.1, Single Account, or section 3.5.2, Multiple Accounts, for more information. General Ledger setup may also require the assistance of your institution's GOLDPoint Systems account manager.

The fields on this screen are as follows:

Field

Description

Company Number

Mnemonic: IDCMP#

In this field, enter the institution-defined insurance company number that corresponds with the insurance Company Number field on the Loans > Insurance > Policy Detail screen. Generally, this company number will be the same unless your institution offers policies issued from different insurance companies.

This information cannot be changed once set up on this screen.

Branch Number

Mnemonic: IDBRNM

In this field, enter the institution’s branch number for which the General Ledger number and/or commission percentages for this company and policy type are assigned. The system will return an error provider if this field is blank. You should always set up information for branch 0 (zero) as it is the default branch. Any branch for which information has not been set up will default to use the branch zero information. Also, if the same General Ledger number is used for all branches, rather than setting up each branch individually, you will only need to set up information for branch zero. However, branch zero information must be set up for each policy type.

This information cannot be changed once set up on this screen.

Policy Type

Mnemonic: IDINSU

In this field, enter the type of policy you want to set up with commission, premiums, taxes, and surcharge General Ledger information. The policy type corresponds to the Type field on the Loans > Insurance > Policy Detail screen. The system will return an error provider if this is not a valid policy type. See below for a list of all valid policy types.

Premium G/L Number

Mnemonic: N/A

This field in the Policy field group displays the General Ledger account number for any insurance policy premiums involved for the selected company number, branch number, and policy type. This account receives (credits) any premiums from the policy owner when an insurance policy is created. This account is also where premium amounts are debited when premium refunds are due back to the policy owner in the event the policy is canceled. This General Ledger information will be automatically transferred to the Loans > Payoff screen.

The Original Premium, Earned Premium, and Unearned Premium fields on the Loans > Insurance > Policy Detail screen, Policy Information tab display the premium amounts of the insurance policy.

Tax G/L Number

Mnemonic: N/A

This field in the Policy field group displays the General Ledger account number for the taxes involved with this type of insurance policy. This account receives (credits) any taxes from the policy owner when an insurance policy is created. This account is also where tax amounts are debited when tax refunds are due back to the policy owner in the event the policy is canceled.

The Municipal (City) Tax field group on the Loans > Insurance > Policy Detail screen, Tax and Surcharge tab displays the tax amounts of the insurance policy.

Surcharge G/L Number

Mnemonic: N/A

This field in the Policy field group displays the General Ledger account number for any surcharges involved with this type of insurance policy. This account receives (credits) any surcharges paid by the policy owner when an insurance policy is created. This account is also where surcharge amounts are debited when surcharge refunds are due back to the policy owner in the event the policy is canceled.

The Surcharge field group on the Loans > Insurance > Policy Detail screen, Tax and Surcharge tab displays the surcharge amounts of the insurance policy.

Branch Percentage

Mnemonic: IDOFPC

This field in the Commissions field group displays the percentage of the premium that will go to the branch's commission earnings for opening new insurance policies for borrowers. For example, if the branch earns 20 percent of all insurance premiums originated, you would enter "20.000" in this field.

The amounts of the commission that have been earned by your institution for individual insurance policies are displayed on the Loans > Insurance > Policy Detail screen, Commission Information tab.

Corporation Percentage

Mnemonic: IDCOPC

This field in the Commissions field group displays the percentage of the premium that will go to the corporation's commission earnings for opening new insurance policies for borrowers. For example, if the corporation earns 5 percent of all insurance premiums originated, you would enter "5.000" in this field.

The amounts of the commission that have been earned by your institution for individual insurance policies are displayed on the Loans > Insurance > Policy Detail screen, Commission Information tab.

Cost Percentage

Mnemonic: IDCSPC

This field in the Commissions field group is used when the institution pays a commission to the branch over the commission which is paid by the insurance company. For example, an insurance company pays 30 percent of premiums as a commission for all newly created policies. The corporation has an agreement with the branch to pay them 35 percent (of premiums) as a commission for new policies. The Branch Percentage field above will be "35," the Corporation Percentage field above will be blank, and this field will be "5." In other words, it's a cost to the Premium G/L account (indicated above) to give the branch 5 percent more of commissions above that offered by the insurance company.

Total Percentage

Mnemonic: N/A

This field in the Commissions field group calculates the total percent of premiums that goes to commissions for this branch and/or corporation for the indicated Policy Type (above). After entering amounts in the Branch Percentage, Corporation Percentage, and Cost Percentage fields above, this field is automatically calculated.

The calculation is: Branch Percentage + Corporation Percentage - Cost Percentage

The amounts of the commission that have been earned by your institution for individual insurance policies are displayed on the Loans > Insurance > Policy Detail screen, Commission Information tab.