(Account Type) IFRS Details
Purpose
This button will only be enabled for Account Types that are subject to IFRS.
The IFRS setup allows for the spreading of commission, brokerage and fees over the life of the account, as opposed to these being earned in full at the start.
The dialog will appear differently, depending on the Module selected on the initial Account Type Details dialog.
Access
- Accounts | Edit/View Account Types | Account Type Details |
Fixed Loan, Variable Loan or Lease Modules
Details Specific Fields
Field | Explanation |
Unexpired Dealer Commission – Balance Sheet | [F2] and The GL Code must be unique for each Account Type Note: the GL Code should have a GL Type of Current Asset or Balance Sheet Accounts Current – For Reconciliation |
| Dealer Commission Expense – Profit and Loss | [F2] and The GL Code does not need to be unique Note: the GL Code should be an Income or Expense GL Type |
Commission and Fees Realised Method | Select from here the method required to spread dealer commissions and fees Both will be spread in the same way for an Account Type The options are:
The calculation method selected will determine how fees and commission will be spread on the Schedule print out and in determining the calculation applied to the month end column on the relevant report Note – If the Unearned Interest recognition method on the Account Type is set to be No Deferral, the system will only calculate a straight line allocation of commission or fees, no matter what is selected at this option |
Each financed fee should now be added:
| Field | Explanation |
Financed Income Transaction Type | [F2] and This would usually be the same Transaction Type as is used in the associated Cost Item |
| Financed Income Profit and Loss GL Code | [F2] and This GL Code does not need to be unique, the GL Type should be income |
| Financed Income Balance Sheet GL Code | [F2] and This GL Code must be unique to each Fee |
Note: A separate Fee Income spread item will need to be completed for each financed fee associated with the Account Type.
Deposit Module
Details Specific Fields
This Transaction Type must be unique for each deposit system account type
This Transaction Type should post to the Profit and Loss Direct Expense code
| Field | Explanation |
| Unexpired Brokerage Expense - Balance Sheet | [F2] and |
Brokerage Expense - Profit and Loss | [F2] and |
Brokerage Realised Method | There is only one option available being Straight Line |
Brokerage Paid Transaction Type | [F2] and |
| Brokerage Clawback Transaction Type | [F2] and This Transaction Type must be unique for each Deposit system account type This Transaction Type should post to the Profit and Loss Direct Expense code |
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