ComTrack

General · Payroll & rules

Calculating Payroll: Comp Plans vs. If-Then Rules

Two ways to calculate Agent payroll.

2 min readUpdated Includes video

Watch the Calculating Payroll walkthroughLoom video

Payroll Calculation SOP

Objective

This SOP outlines the steps to calculate payroll using both the Comp Plan method and the If-Then Rules method, ensuring clarity and efficiency for team members.

Key Steps

1. Overview of Payroll Calculation Methods 0:00

  • There are two methods to calculate payroll:
    • Comp Plan Method: Best for simple compensation plans.
    • If-Then Rules Method: Best for complex compensation plans with conditions.

2. Setting Up Comp Plans 0:36

  • Navigate to the home tab to view Agents and their commissions.
  • Create new comp plans by clicking the appropriate button:
    • Example names: Split Twenty, Flat One Hundred, LOA 30.
  • Define payment percentages or flat amounts for:
    • Advances
    • Renewals
    • Chargebacks
    • HRAs
  • Example for LOA 30: Set all payments to 30%.

3. Assigning Comp Plans to Agents 3:57

  • For each Agent, assign a comp plan:
    • Double-click on the Agent's name.
    • Select the appropriate comp plan from the dropdown menu.

4. Running Payroll 4:51

  • Click on Run Payroll after assigning comp plans.
  • Use the Hide Non-essential button to streamline the view.
  • Review the commission received, comp plan assigned, and payment amount for each Agent.

5. Using If-Then Rules for Payroll Calculation 6:30

  • Click on If-Then Rules or use Control + I to access the rules interface.
  • Create a new rule for each comp plan:
    • Example for LOA 30:
      • If agent comp plan equals LOA30, then agent payroll equals commission * 0.3.
  • Specify additional conditions as needed for renewals or other classifications.

6. Assigning Comp Plans with If-Then Rules 11:44

  • Create a separate folder for assigning comp plans.
  • Use conditions to assign comp plans based on Agent names and carriers:
    • Example: If agent name contains Bruce Wayne and carrier equals UnitedHealthcare, then assign LOA 30.

7. Advanced If-Then Rules 15:16

  • Use If-Then rules for more complex scenarios:
    • Example: Only pay commissions greater than or equal to $100.
    • Specify different comp plans based on commission thresholds.

Cautionary Notes

  • Ensure all comp plans are correctly set up before running payroll.
  • Double-check Agent assignments to avoid payment errors.

Tips for Efficiency

  • Use consistent naming conventions for comp plans to simplify identification.
  • Regularly review and update comp plans as needed to reflect changes in compensation structures.
  • Utilize the filtering options in the Agent list to quickly find specific Agents.

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