Agent Checks: Expanded Agent Account Balance Display

The new screen for agent check print appears above. The agent account balance information has been expanded to meet the needs of various company agent recovery procedures. Many companies will deduct from the account until the balance forward is drawn down to zero. Current charges are not reduced until invoiced. Other brokerages will  deduct even current charges from  commission checks.

 The account items displayed include:

1. The Balance Forward for the agent – the amount owed by the agent after the last invoice post (to history).
2. The Payments Received from the agent that are within the current log. This is displayed as a negative value as it reduces the balance forward.
3. The Check Deductions (recoveries) already taken to reduce the agent account balance.
4. Pending Deductions is the total of agent recoveries for this agent that are in other checks in the pending batch.
5. Adjusted Balance Forward indicates how much of the balance forward remains after taking into account the three above recovery deductions and payments.  This adjusted balance = the balance forward less the payments received, check deductions, and pending deductions. When the adjusted balance forward is zero, it means that the balance forward has been paid down from payments, check deductions and pending check deductions.
6. Current Charges are the sum of all new items entered in the current log.
7. The Current Balance is the Adjusted Balance Forward plus the Current Charges. If the current balance is zero it means all of the balance forward and current charges have been paid down. If the current balance is negative it means that the agent has a credit balance.

In the above example, the Adjusted Balance Forward is $214.00. In the Agent Recovery item for this check, the operator had entered $214. This will bring the adjusted balance down to zero when this check is issued.

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