Internal: Indicates a broker in your organization. You must select the internal office the broker represents:
Agency: If the agency is in Applied Epic, select the agency the broker represents. Month-End posts to the Interagency Commission Payable account instead of the standard Broker Payable account, and it posts to the Interagency Commission Expense account instead of the standard Broker Expense account. Month-End also posts to the Interagency Commission Receivable and Interagency Commission Income accounts for the receiving office.
Not Defined in System: If the agency does not exist in the system, select the Not Defined in System option. Month-End posts to the Interagency Commission Payable account instead of the standard Broker Payable account, and it posts to Interagency Commission Expense account instead of the standard Broker Expense account. Since the agency does not exist in Applied Epic, the corporate accountant needs to move money from the Interagency Commission Payable account to the appropriate corporate general ledger account for the other office. You can share commission among offices in your organization. To support this functionality, define brokers as External (not part of your organization) or Internal (part of your organization). This helps large organizations that broker business through internal offices. The offices share commission, so the system needs to generate entries for the receiving and payable offices to track money. Applied Epic includes Interagency Commission general ledger required accounts to post the interagency Month-End entries.