Commission Processing Expansion: Direct Deposit and Closing Agent.

 Many companies use the BOS sales commission check printing processing print referral and agent commission checks or to record the commissions as paid. To assist closing department further, the BOS system has been expanded to record, process, and report payments made by direct deposit or outside closing companies.

 Commission payments to agents, companies providing inbound referrals, and other fee payees are made in three ways:

1. By check printed by the company closing department.
2. By direct deposit by the company into a bank account for agents electing that option.
3. By outside closing companies who collect the commission revenue and disburse funds directly to the payees and agents.

 Many customers have used various methods to process these different payment methods in BOS, primarily by continuously altering the “Next Check No.” settings in the Company Setup table. To help speed up commission payment processing, a number of enhancements have been completed for BOS version 14.3.

To handle automatic numbering of these payment methods, two new reference number series have been added to the Company Setup: “Next Direct Deposit Ref No.” and “Next Outside Closing Ref. No.”. This is shown above where the next direct deposit reference number is set to “200001” and the next outside closing reference number is set to “300001”.

 The illustration shows the use of a different number range for the direct deposit and outside closing company. Further the range selected is outside that of the real check numbers of either the companies own general and/or commission accounts. Doing this will help the staff recognize how commissions were paid when viewing check register reports or general ledger check reports.

 Further, the GL module’s check register report enables selection check number ranges – thus it can be easy to just print payments made by direct deposit, for example, if those payments have their own unique number range.

 After setting up the “Next” reference number within the Company Information “Control Numbers” screen, payments can then be made using these options.

Transaction commission and fees are paid within the BOS transaction module’s “Close Transaction” “Pay Commissions” command.

The payees are displayed as above within the “Pay Commissions” command.

When preparing a commission payment, a new “Payment Type” option has been added. The setting of “Normal Check” will be assigned as the default. If the commission payment is to be made by Direct Deposit or by an Outside closing agent, the operator would assign the payment type and then proceed to print or post the commission.

When a “Print Check” option is selected the next check or reference number corresponding to the payment type will be used. For all payment types, the check format will be used for printing – usually a two stub format and the check.  When the payment is a “Normal Check”, then the printer will be loaded with actual commission check stock, while if the payment type is Direct Deposit or Closing Agent, blank paper should be used.

If the “Post” to batch option is clicked, the commission is placed in the checks to print batch as the payment type assigned.  The following illustrates how this new feature works with each payment type.

When the “Normal” check option is selected and a check printing option is used, a new “Next Check No.” window appears to enable the operator to verify that the check print should proceed. The bank account to be used  is displayed as well as the check number to be printed. The operator can also now verify that the check number to be printed is the same as that in the printer tray.

 Note that if the bank account assigned to the commission payment is setup as the company commission account and not the general account, the next normal check number will be drawn from the “Next Commission Check No” (e.g. 10010 in the example Control Numbers screen above).

The Direct Deposit payment method will select the next direct deposit reference number for printing. Operators will always print these on blank paper.  The window will display the next number, e.g. 200001, and that the payment is a “Direct Deposit”.

The Closing Agent  payment method will select the next closing agent reference number for printing. As with direct deposit, operators will always print these on blank paper.  The window will display the next number, e.g. 300001, and that the payment is a “Closing Agent”.

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