diff --git a/app/Http/Controllers/Finance/SettlementController.php b/app/Http/Controllers/Finance/SettlementController.php
index 70132713..2e94dd46 100644
--- a/app/Http/Controllers/Finance/SettlementController.php
+++ b/app/Http/Controllers/Finance/SettlementController.php
@@ -611,7 +611,7 @@ private function getPartnerSettlement(\Closure $baseQuery): \Illuminate\Support\
             ->select([
                 'id', 'partner_id', 'management_id', 'payment_type',
                 'partner_commission', 'manager_commission', 'referrer_commission',
-                'status', 'scheduled_payment_date',
+                'status', 'scheduled_payment_date', 'manager_user_id',
             ])
             ->orderBy('partner_id')
             ->orderBy('scheduled_payment_date')
diff --git a/app/Services/SalesCommissionService.php b/app/Services/SalesCommissionService.php
index b1f8a16f..5fa753b7 100644
--- a/app/Services/SalesCommissionService.php
+++ b/app/Services/SalesCommissionService.php
@@ -182,9 +182,19 @@ public function createCommission(int $managementId, string $paymentType, float $
             // 수당 계산
             $partnerCommission = $baseAmount * ($partnerRate / 100);
 
-            // 매니저 수당 = 구독료 1개월 (비율 아님)
+            // 구독료 수당 (deposit에서만 1회 설정, balance에서는 0)
             $subscriptionFee = $contractProducts->sum('subscription_fee') ?? 0;
-            $managerCommission = $management->manager_user_id ? $subscriptionFee : 0;
+            $managerCommission = 0;
+
+            if ($paymentType === SalesCommission::PAYMENT_DEPOSIT && $subscriptionFee > 0) {
+                if ($management->manager_user_id) {
+                    // 매니저 지정 → 매니저 수당
+                    $managerCommission = $subscriptionFee;
+                } else {
+                    // 매니저 미지정 → 파트너 수당으로 편입
+                    $partnerCommission += $subscriptionFee;
+                }
+            }
             $managerRate = 0; // 매니저는 비율 기반이 아님
 
             $referrerCommission = ($referrerId && $referrerRate > 0)
@@ -654,9 +664,17 @@ private function recalculateCommission(SalesCommission $commission): void
 
         $partnerCommission = $baseAmount * ($partnerRate / 100);
 
-        // 매니저 수당 = 구독료 1개월
+        // 구독료 수당 (deposit에서만 1회 설정, balance에서는 0)
         $subscriptionFee = $contractProducts->sum('subscription_fee') ?? 0;
-        $managerCommission = $management->manager_user_id ? $subscriptionFee : 0;
+        $managerCommission = 0;
+
+        if ($commission->payment_type === SalesCommission::PAYMENT_DEPOSIT && $subscriptionFee > 0) {
+            if ($management->manager_user_id) {
+                $managerCommission = $subscriptionFee;
+            } else {
+                $partnerCommission += $subscriptionFee;
+            }
+        }
 
         // 유치수당
         $referrerCommission = ($referrerId && $referrerRate > 0)
diff --git a/resources/views/finance/settlement/payment-stats.blade.php b/resources/views/finance/settlement/payment-stats.blade.php
index 275ff579..2c7586b0 100644
--- a/resources/views/finance/settlement/payment-stats.blade.php
+++ b/resources/views/finance/settlement/payment-stats.blade.php
@@ -439,9 +439,14 @@ class="px-6 py-3 border-b-2 text-sm font-medium transition-colors">
                             <tr class="hover:bg-gray-50">
                                 <td class="px-4 py-2 text-sm text-gray-400 pl-8">└</td>
                                 <td class="px-4 py-2 text-sm text-center">
-                                    <span class="inline-flex px-2 py-0.5 text-xs rounded-full {{ $item->payment_type === 'deposit' ? 'bg-indigo-100 text-indigo-700' : 'bg-emerald-100 text-emerald-700' }}">
-                                        {{ $item->payment_type === 'deposit' ? '계약금' : '잔금' }}
-                                    </span>
+                                    @if ($item->payment_type === 'deposit')
+                                        <span class="inline-flex px-2 py-0.5 text-xs rounded-full bg-indigo-100 text-indigo-700">계약금</span>
+                                        @if ($item->manager_commission > 0 || (!$item->manager_user_id && $item->partner_commission > 0))
+                                            <span class="inline-flex px-1.5 py-0.5 text-[10px] rounded-full bg-orange-100 text-orange-700 ml-0.5">+구독</span>
+                                        @endif
+                                    @else
+                                        <span class="inline-flex px-2 py-0.5 text-xs rounded-full bg-emerald-100 text-emerald-700">잔금</span>
+                                    @endif
                                 </td>
                                 <td class="px-4 py-2 text-sm text-gray-700">{{ $item->management?->tenant?->company_name ?? '-' }}</td>
                                 <td class="px-4 py-2 text-sm text-right text-gray-900">{{ number_format($item->partner_commission) }}원</td>