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:
Firstly decide the fee type from the drop-down list.
Enter in the date the payment should come in.
Enter the amount expected.
Decide whether or not this would be considered tax exempt.
Select whether or not this should be a recurring charge.
Choose the associated adviser.
Decide whether or not this should be included in RMAR.
Select the advice type. This will be automatically set to what is selected in the Firm Settings, explained here.
Decide if this is an initial service or a one-off.
Finally there is the advice area for RMAR purposes.
Save when ready.
When applying to plans, the method is similar but not identical.
Once on the desired plan page, select Add New.
From the list that appears, select Charge.
This brings up the following modal:
Decide if this should be a fee or commission.
Choose whether this payment should come from the client or provider.
Enter the expected payment date.
Choose whether you’re expecting a fixed amount or a %.
Enter the expected amount.
Note || when using % Percentage of Value this is the % based on the frequency that the revenue is being received. So if you receive 1% per annum paid monthly then add 0.083% etc.
Decide if this charge is tax exempt.
Select if this charge is recurring or not. If recurring = Yes then select the frequency of recurrence
Choose the associated adviser.
Decide if this should be excluded from RMAR.
Select the advice type. This will be automatically set to what is selected in the Firm Settings, explained here.
Decide if this is an initial or one-off charge.
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.
Save when ready.
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:
Firstly decide the fee type from the drop-down list.
Enter in the date the payment should come in.
Enter the amount expected.
Decide whether or not this would be considered tax exempt.
Select whether or not this should be a recurring charge.
Choose the associated adviser.
Decide whether or not this should be included in RMAR.
Select the advice type. This will be automatically set to what is selected in the Firm Settings, explained here.
Decide if this is an initial service or a one-off.
Finally there is the advice area for RMAR purposes.
Save when ready.
On Plans
When applying to plans, the method is similar but not identical.
Once on the desired plan page, select Add New.
From the list that appears, select Charge.
This brings up the following modal:
Decide if this should be a fee or commission.
Choose whether this payment should come from the client or provider.
Enter the expected payment date.
Choose whether you’re expecting a fixed amount or a %.
Enter the expected amount.
Note || when using % Percentage of Value this is the % based on the frequency that the revenue is being received. So if you receive 1% per annum paid monthly then add 0.083% etc.
Decide if this charge is tax exempt.
Select if this charge is recurring or not. If recurring = Yes then select the frequency of recurrence
Choose the associated adviser.
Decide if this should be excluded from RMAR.
Select the advice type. This will be automatically set to what is selected in the Firm Settings, explained here.
Decide if this is an initial or one-off charge.
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.
Save when ready.
Updated on: 22/05/2024
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