It’s month-end and some statements still have unreconciled transactions that can’t be applied to policies. Most would describe these statements as only partially applied. As statements get longer and agencies' structures more complex through growth and acquisition, accounting teams face a predicament. They can either hold up the entire statement and wait to post it until the next month or create and maintain an entirely separate process to track all the unapplied and/or unposted transactions. This system would require checking the status of these transaction's ability to be applied periodically, through tedious lookups in the AMS. Both options far from optimal. In the former, producers don't get paid on time, and in the latter, large unapplied balances carry over between months, and create a time intensive new process to maintain unapplied transactions.
Specialized, purpose-built revenue automation brings long-awaited relief through a robust data model for revenue attribution and a deeply integrated ledger. Comulate's ledger is always aware of which transactions on a statement are reconciled and unreconciled.
This enables a single statement to be posted in multiple parts, using a feature called "split and post". When split posting, Comulate create a posted direct bill reconciliation in your AMS containing all transactions that have been reconciled so far. It then creates a "shell" reconciliation in Comulate of the remaining unreconciled (unapplied) transactions, along with their count and balance. As these transactions continue to be reconciled manually or automatically in the background, Comulate automatically reconciles prepares additional draft (partial) reconciliations, enabling additional rounds of split/posting.
Split posting is incredibly impactful for large broker finance teams as it enables maximizing cash application continuously while minimizing the work to do so. Split posting is typically combined with features like background auto-reconciliation and collaborative exception management, other core features of purpose-built revenue automation. Together this purpose-built functionality enables your team to focus on more engaging, higher value work, and scale with fewer resources.
