Always make sure you put your affiliate ID's in the 'default' channel (so Name should be 'default').
The description is purely for your own purposes if you have lots of channels and want to add a bit of text to explain what each channel is so it does not matter what you put here.
In the released version the 'Filters' field is not used so keep it blank - in the next version I have added some simple rules, e.g. rand=10% means that channel is used for 10% of your links.
Something that has been mentioned is that in some versions of WordPress in some browsers the Flag Icons and the fields are not aligned correctly. The first field is for the UK affiliate ID, the second field is the US affiliate ID and so on.
Once you have entered your affiliate IDs, create a simple test link and you should be able to see when you click on it that the 'tag' field in the link has your ID. If it works for one it should work the same for all other links.