Description

This workflow guide describes the steps needed to reconcile payments in AMS360 for organizations with net funding.

When net funding, Ascend will transfer commissions to the Agency, and Ascend will fund the Carrier, MGA, or Wholesaler directly.

While Ascend completes these transfers, the agency will need to record the money movement manually in Applied.

Commissions

Upon payout approval in Ascend, commission funds will be transferred from the Ascend FBO account to your organization operational account.

Record Interbank Transfer from FBO to Operational Account

Your team will need to record the interbank transfer between these two accounts.

1. Select Ascend FBO bank account

   

2. Under actions, select Interbank Transfer

   

3. Fill out interbank transfer information

   1. Select Operating Account for Transaction to

   2. Enter the amount for the bank transaction

   3. Add memo with the Ascend bank transaction identifier

   4. Post transfer

      

Complete Producer Payables

Once your team has recorded the interbank transfer, you will be able to complete reconciliation of commissions to producer payables according to your agency's standard process.

Payables

Upon payout approval in Ascend, net premium funds will be transferred from the Ascend FBO account to the carrier, MGA, or wholesaler for the policy.

Record Company Payables

Your team will also need to record company payables, to track the funds that Ascend issued to suppliers on your behalf.

1. Create the Statement

   1. Navigate to Company

   2. Search the company you want to create the payable for

   3. Navigate to Pay Account Current

   4. Input the Through Date, Statement Date, and Statement

      1. Include Invoices Partially Paid or Unpaid to Agency

      2. Include invoices Paid in Full to the Agency

         

      3. Create Statement

2. Pay Account Current Statement

   1. From Reconcile Statement section of the page, select each of the policies to be reconciled and click pay

   2. Once you've selected all the payments to reconcile, scroll down to Pay Statement

      

3. Pay Statement

   Create a check for the amount of the statement

a. Select the FBO account

b. Type: ACH

c. For / Memo: Reference funded by Ascend / Financed

d. Post

OR

Create a journal entry for the amount of the statement

a. Select the FBO account

b. Type: ACH

c. For / Memo: Reference funded by Ascend / Financed

d. Post