Fees on fund accounts

The fees on the investor fund accounts i.e.

1. Management fees earned by the finance company
   
2. Fees payable by the finance company to third parties
   

are all maintained from with the fund control asset class. Once you have signed in , select to navigate into the "fund control"

1. Select Configuration > Setup. 

2. Select Call Products 

3. Select the call product from the list. There should only be one call product per finance company.

4. The "Business Rules" tab at the bottom of the page will list the current existing fees business rule that contains the existing fee details. Selecting the business rule will allow you to view the current settings.

5. To modify the fees a new business rule will need to be created. To do so select the "Call Fees" menu item under "Business Rules" from  within the hamburger menu.

6. On page one, enter the effective date, which is the date from which the fees will be applied.

 

7. On page two, supply the rate that will be used to charge fees earned by the finance company.

Rules for fees earned on the fund account

1. The fee will be accrued daily on the balance of the fund account, it is a portion of the interest earned by the investor from the bank on their funds.
   
2. The fee will be capitalised on the same day as the interest is received from the bank and paid to investors.
   
3. A fee transaction will appear on the investor fund account to reduce the balance
   
1.             Narrative  - “Cash Admin Fee”
   
2.             TransactionType – “CashAdminFee”
   
4. A corresponding fee transaction will appear in the control account “management fee on fund account”
   

1. Withholding tax calculated on the interest earned (i.e. interest received from the bank) , will have the fees deducted before the tax is calculated.
   

7. On page three, supply the fees paid to third parties 

see this article for details on how the fees payable are run

 

8. Click "Save" once you have supplied all the fees. 

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