Adding a charge
Charges can be added directly against a client where it is not plan related or against the plan itself
Once on the desired client’s page, select Add New.
From the list that appears, select Charge
This brings up the following modal:
Scroll down :
Invoice Number / Charge Identifier - this will be generated for you after adding the charge. The format will have previously been defined within Setting / Income Reconciliation / Firm Settings
* What type of fee is this charge?- This is a required field so choose the appropriate the Revenue type from the drop-down list.
* Charge Amount / Net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
* Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Gross Amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
* Expected payment date (start date) - this is a required field so choose the expected / start date for this charge.
* Is this charge recurring? - Select whether or not this should be a recurring charge.
End date (if applicable) - Only visible where the charge is recurring. Enter a date if the recurring to a specific date or leave blank for indefinitely recurring.
* Select frequency of payment. Only visible where the charge is recurring. This is a required field so choose the appropriate frequency from the list.
* Select an adviser for this charge. This is a required field so choose the appropriate adviser. If the client has an active adviser this will be pre-populated.
* Exclude from RMAR - This is a required field and will default to No, if you want the charge to be excluded from RMAR select Yes.
* RMAR Advice Type - This is a required field and will default to the option selected within your Firms settings but can be amended. The options are Independent or Restricted.
* Service Type - This is a required field, where the revenue type is Ongoing Fee it will default to ongoing. If not ongoing then select whether the fee relates to an initial service or One Off
RMAR Type - RMAR types are determined by revenue type, but can be overwritten for certain revenue types.
* Advice Area This area is required for RMAR purposes. Enter either the Amount Split £ or Amount Split & (Excl. VAT). This can be apportioned across all areas as long as the Total Amount or % equals 100%
Notes - This is where you are able to types any free text notes relating to this charge schedule.
Cancel - If you would like to abandon the addition you can select Cancel.
Save - Select when you are totally happy with what has been entered
When applying to plans, the method is similar but not identical.
Once on the desired plan page, select Add.
From the list that appears, select Charge.
This brings up the following modal will dynamically change depending on the types of charge:
All Charge Types
* Who is expected to pay this charge?
Invoice Number / Charge Identifier - this will be generated for you after adding the charge. For format will have previously been defined within Setting / Income Reconciliation / Firm Settings
* Is this a fee or a commission? - Select from Fee or Commission based on the plan type.
* What type of fee is this charge? - This is a required field so choose the appropriate the Revenue type from the drop-down list.
* Select a charge type - This is a required field so choose from Fixed Amount, Percentage of plan value or Percentage of premium.
If Charge Type = Fixed Amount
* Net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
* Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Gross Amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
If Charge Type = Percentage of Plan Value
Current plan value - Read only showing the value of the plan
* Charge percentage of plan value - e.g. If 1% per annum then add 1%, if 0.75 per annum then add 0.75 and the enter** Annually in the Frequency percentage is calculated from.**
Frequency percentage is calculated from - Is the Charge percentage of plan value is the annually the select -| see Note above
Expected net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Expected gross amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
If Charge Type = Percentage of Premium
Select premium - This is a required field, select the appropriate one off / lump sum premium from the drop-down list.
* Charge percentage of premium
Expected net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Expected gross amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
All Charge Types
* Start date- this is a required field so choose the expected / start date for this charge.
* Is this charge recurring? - Select whether or not this should be a recurring charge.
End date (if applicable) - Only visible where the charge is recurring. Enter a date if the recurring to a specific date or leave blank for indefinitely recurring.
* Select frequency of payment. - Only visible where the charge is recurring. This is a required field so choose the appropriate frequency from the list.
* Select an adviser for this charge. This is a required field so choose the appropriate adviser. If the client has an active adviser this will be pre-populated.
* Exclude from RMAR - This is a required field and will default to No, if you want the charge to be excluded from RMAR select Yes.
* RMAR Advice Type - This is a required field and will default to the option selected within your Firms settings but can be amended. The options are Independent or Restricted.
* Service Type - This is a required field, where the revenue type is Ongoing Fee it will default to ongoing. If not ongoing then select whether the fee relates to an initial service or One Offf
RMAR Type - RMAR types are determined by revenue type, but can be overwritten for certain revenue types.
The amount of £0.00 will be automatically allocated to the xx advice area. (the amount will show the total amount and advice area will be determined by the Plan sub type).
Would you like to manually define the advice area instead? - Decide is you want to manually define the advice area. Selecting yes here means a table like that of the advice area for Client Charges appears.
Advice Area - Only visible where Yes has been selected against Would you like to manually define the advice area instead? This area is required for RMAR purposes. Enter either the Amount Split £ or Amount Split & (Excl. VAT). This can be apportioned across all areas as long as the Total Amount or % equals 100% = please see item 19 for further details.
Notes - This is where you are able to types any free text notes relating to this charge schedule.
Cancel - If you would like to abandon the addition you can select Cancel.
Save - Select when you are totally happy with what has been entered__
On Clients
Once on the desired client’s page, select Add New.
From the list that appears, select Charge
This brings up the following modal:
Scroll down :
Invoice Number / Charge Identifier - this will be generated for you after adding the charge. The format will have previously been defined within Setting / Income Reconciliation / Firm Settings
* What type of fee is this charge?- This is a required field so choose the appropriate the Revenue type from the drop-down list.
* Charge Amount / Net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
* Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Gross Amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
* Expected payment date (start date) - this is a required field so choose the expected / start date for this charge.
* Is this charge recurring? - Select whether or not this should be a recurring charge.
End date (if applicable) - Only visible where the charge is recurring. Enter a date if the recurring to a specific date or leave blank for indefinitely recurring.
* Select frequency of payment. Only visible where the charge is recurring. This is a required field so choose the appropriate frequency from the list.
* Select an adviser for this charge. This is a required field so choose the appropriate adviser. If the client has an active adviser this will be pre-populated.
* Exclude from RMAR - This is a required field and will default to No, if you want the charge to be excluded from RMAR select Yes.
* RMAR Advice Type - This is a required field and will default to the option selected within your Firms settings but can be amended. The options are Independent or Restricted.
* Service Type - This is a required field, where the revenue type is Ongoing Fee it will default to ongoing. If not ongoing then select whether the fee relates to an initial service or One Off
RMAR Type - RMAR types are determined by revenue type, but can be overwritten for certain revenue types.
* Advice Area This area is required for RMAR purposes. Enter either the Amount Split £ or Amount Split & (Excl. VAT). This can be apportioned across all areas as long as the Total Amount or % equals 100%
Notes - This is where you are able to types any free text notes relating to this charge schedule.
Cancel - If you would like to abandon the addition you can select Cancel.
Save - Select when you are totally happy with what has been entered
On Plans
When applying to plans, the method is similar but not identical.
Once on the desired plan page, select Add.
From the list that appears, select Charge.
This brings up the following modal will dynamically change depending on the types of charge:
All Charge Types
* Who is expected to pay this charge?
Invoice Number / Charge Identifier - this will be generated for you after adding the charge. For format will have previously been defined within Setting / Income Reconciliation / Firm Settings
* Is this a fee or a commission? - Select from Fee or Commission based on the plan type.
* What type of fee is this charge? - This is a required field so choose the appropriate the Revenue type from the drop-down list.
* Select a charge type - This is a required field so choose from Fixed Amount, Percentage of plan value or Percentage of premium.
If Charge Type = Fixed Amount
* Net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
* Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Gross Amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
If Charge Type = Percentage of Plan Value
Current plan value - Read only showing the value of the plan
* Charge percentage of plan value - e.g. If 1% per annum then add 1%, if 0.75 per annum then add 0.75 and the enter** Annually in the Frequency percentage is calculated from.**
Frequency percentage is calculated from - Is the Charge percentage of plan value is the annually the select -| see Note above
Expected net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Expected gross amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
If Charge Type = Percentage of Premium
Select premium - This is a required field, select the appropriate one off / lump sum premium from the drop-down list.
* Charge percentage of premium
Expected net amount - This is a required field and will change the name depending on whether VAT exempt of VAT so enter the amount expected.
Is this charge VAT exempt? - This will default to VAT Exempt, if VAT should be applied select VAT.
Expected gross amount - Only visible where VAT has been chosen, this will calculate based on the Net amount and the VAT percentage. You are able to change and if so then the VAT percentage and VAT amounts will be recalculated.
VAT Percentage - Only visible where VAT has been chosen and will default based on your Firm settings. You are able to change and if so then the Gross Amount and VAT amounts will be recalculated.
VAT Amount - Only visible where VAT has been chosen and will calculate based on the Net amount and VAT percentage. You are able to change and if so then the Gross Amount and VAT Percentages will be recalculated.
All Charge Types
* Start date- this is a required field so choose the expected / start date for this charge.
* Is this charge recurring? - Select whether or not this should be a recurring charge.
End date (if applicable) - Only visible where the charge is recurring. Enter a date if the recurring to a specific date or leave blank for indefinitely recurring.
* Select frequency of payment. - Only visible where the charge is recurring. This is a required field so choose the appropriate frequency from the list.
* Select an adviser for this charge. This is a required field so choose the appropriate adviser. If the client has an active adviser this will be pre-populated.
* Exclude from RMAR - This is a required field and will default to No, if you want the charge to be excluded from RMAR select Yes.
* RMAR Advice Type - This is a required field and will default to the option selected within your Firms settings but can be amended. The options are Independent or Restricted.
* Service Type - This is a required field, where the revenue type is Ongoing Fee it will default to ongoing. If not ongoing then select whether the fee relates to an initial service or One Offf
RMAR Type - RMAR types are determined by revenue type, but can be overwritten for certain revenue types.
The amount of £0.00 will be automatically allocated to the xx advice area. (the amount will show the total amount and advice area will be determined by the Plan sub type).
Would you like to manually define the advice area instead? - Decide is you want to manually define the advice area. Selecting yes here means a table like that of the advice area for Client Charges appears.
Advice Area - Only visible where Yes has been selected against Would you like to manually define the advice area instead? This area is required for RMAR purposes. Enter either the Amount Split £ or Amount Split & (Excl. VAT). This can be apportioned across all areas as long as the Total Amount or % equals 100% = please see item 19 for further details.
Notes - This is where you are able to types any free text notes relating to this charge schedule.
Cancel - If you would like to abandon the addition you can select Cancel.
Save - Select when you are totally happy with what has been entered__
Updated on: 20/12/2024
Thank you!