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The Fees Module calculates and processes fees for your services. Each fee can be
calculated from single or multiple criteria from this list:
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- Market value as of a certain date. You can control which asset types or individual
asset would be included or excluded.
- Book value as of a certain date. You can control which asset types or individual
asset would be included or excluded.
- Transaction count –for a certain date range. The formula can include a base
number of transactions at no charge during the period.
- Transaction value for a certain date range. You would specify a range of G/L
numbers to include and select the absolute or net value.
- Flat fee
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The calculations can include a base fee, a minimum fee, and a percentage (basis points)
based on a tiered or banded structure. Each fee type can specify the income and
principal allocation.
Each account could have multiple types of fees, each with a scheduled frequency and
next due date. The fee calculation can apply to a single account or to a group of accounts
in order to offer a better rate for families or other affiliated accounts. You can also specify
a percentage adjustment for an account or group (either a discount or a premium).
You can also create manual fee items to be combined with the calculated fees or shown
in a separate entry.
All fees are booked to the Master Company at the same time they are charged to the
account. The Master Company tracks all of the income earned from service fees.
If the fee is charged directly to the account, transactions will be ready to proof and post. If
the fee is invoiced, cash processing tracks outstanding invoices.
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The Fees Module adds value to the core system by … |
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- offering total flexibility in your fee structure –both on the department level as well as
exceptions for individual accounts or groups.
- allowing you to control when fees are calculated –as of a certain historical date or
period.
- providing a comprehensive report so you can review fees before they are posted.
- allowing flexibility to adjust an individual fee before the transaction is posted. The
adjustment automatically applies to both the account and the Master Company.
- printing an invoice for accounts that will pay their fee by check.
- eliminating the opportunity for human error by automating the transaction creation.
- greatly reducing man-hours required to perform these intensive calculations for each
account.
- providing fee reporting options from the account and/or Master Company perspective.
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- Cash Sweep replenishes or raises cash to cover the fee.
- Interactive Data Interface provides market values for accurate fee calculations.
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