Calculate and Post Dealer Brokerage
Purpose
Monthly, after all Deposits have been matured and new Deposits
loaded, Brokerage can be calculated by the system, and Remittance Advices printed
detailing what has been paid to the Broker
Access
- Deposit | Calculate/Post Dealer Brokerage
Process
The following screen will display
Field | Explanation |
Start Date | Enter the starting Open Date of Deposit Accounts for which Brokerage is to be paid this run |
End Date | Enter the ending Open Date of Deposit Accounts for which Brokerage is to be paid this run |
Commission Matrix | [F2] to highlight and This field need only have an entry if there are deposit accounts that do not have a Commission Matrix associated with them This will be the case where only one Commission Matrix is used by the business Rather than having to enter that Matrix on every account, it can be specified here at payment run time This option may also be used where a number of Matricies are used, but many accounts use a single Matrix In this case, the Matrix selected here will be overridden by the one selected on the Deposit Account Note: It is not necessary to enter a Commission Matrix at this point There is a situation where the Finance Company takes most of its deposit money directly, and does not pay commission In this case a Commission Matrix must be specified against each account that is to have commission paid When this routine is run, no Commission Matrix should be specified Then all Direct Deposit accounts will have no brokerage charged, but all others will have based on the Commission Matrix associated with the Deposit Account |
Head Office Communications Type | [F2] to highlight and This is a special Communication that will list the deposits associated with each Broker Account associated with a Head Office Each Deposit and its Brokerage will be shown, with a subtotal for each Broker Leave blank if the head office option is not used |
Broker Communications Type | [F2] to highlight and This field will normally have a communication type selected |
Include Nil Brokerage Accounts | During this process a Remittance Advice is created based on the Communication Types selected If this indicator is ticked on, then the Remittance Advice will include all accounts in this Brokerage run for a Broker that have no Brokerage So the Broker can still see the details of the Deposit, but the Brokerage Amount will be 0.00 |
This will post Brokerage to the Dealer Account for all new
or reinvested deposits that have an account open date between the start and end
dates specified above. Communications will be raised generating Remittance Advices
for each Dealer and head office as well.
Note – if Brokerage
has already been run for this date range, and the Brokerage calculation needs
to be run again, only new deposits between these dates will be included in the
calculation. A new Remittance Advice will be created for the Broker for the new
brokerage amounts.
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