Sorry I should have asked 'do you reverse the modal formula to get the annual premium' which is what the commission > advance are based on.
Looks like you have set the calculation for Annual Prem as "Monthly Premium x 12 = Annual Prem"
x 12 = 1200 annual premium
But when you see your actual report from the carrier, it won't say 1200.
I figure it this way (for example RNA)
(MonthlyPrem / modal factor) - 30pol fee = Annual Prem
(100mo / 0.87) - 30 = 1119.43 annual prem > this is what you're paid on, not 1200. Trying for convention? Only 1119 points go from this deal, not 1200.
You'd need to change the calculation based on which carrier you're using.
My commission is based on annual premium, regardles of payment method, and RNA policy fee is non-commisionable, no carrier pays commission on increases due to modal factor.
Anyways, I just wish the carriers would show me how much advance I stand to be charged back, as the service item comes in, instead of after the fact.
great spreadsheet, just don't let it throw you off, expecting more money, or more credits for convention or something, but the way it's written, at least you'll be oversaving for taxes, that's better than undersaving.