Manual – Any transactions marked as manual will be set aside to be dealt with as you currently deal with paper statements. No automation will be applied to this type of reconciliation. This is mainly used for Clawback Commissions.
PAY – CCD will reconcile these transactions as received without referencing to a client or policy. The only reference will be to the Provider and Type of Remuneration – This will not have the correct FCA tagging attached to it, as this information is stored at product /fee level and therefore the RMAR reports within the compliance area will not have full details. To activate this method of reconciliation you have to have an agency number recorded in the system. Agency numbers can be recorded at provider level, within the Provider record> Information> Remuneration> Agencies (The adviser details can be left blank if this is a company code) or at adviser level within Setup> Staff list> Click into the adviser record> Financial> Agencies.
Match Additional – This method will look in the manual commission reconciliation area of CCD to see if any item has previously been created in the Additional tab of the reconciliation area on a receipt. Again this item will not be not linked to a client or holding and will not have the correct FCA tagging for the RMAR reports.
Match – This option checks the holdings/policy area of CCD for the following, in order:
Provider and policy number
Client initial and surname
Soundex (CCD will look for a name the sounds like the one remuneration has come in for)
As this is looking in the holding area this will not clear an expectation from the amounts due list. If this is being used for reconciliation of renewals then the renewal transfer flag needs to be set to no
Reconcile – This option checks the amounts due list for an expectation. The following search order is followed to match the remuneration
Surname and initial
If a commission expectation is found and is within the tolerances that you have set up, the amount will be reconciled. If no expectation is found or is outside of tolerances then an exception will be created.