Commission payments come through under the Loan Accounts section in the Commissions tab, the month following settlement. Once they're in there, you can set up splits between Payees you have already created.
Splitting to Payees
Note: Splits need to be applied to the Loan Account before the Splitting Cut-off date.
- You need Commissions access to perform a Split. To request full Commission access, a Principle Business Owner needs to submit a request to the Mercury Helpdesk.
- In the Commissions tab, select Loan Accounts in the left-hand panel.
- Highlight the Loan Account you want to apply the split to.
- Click Edit Splits.
- Select the Payee using the Payee drop down box.
- Upfront and Trail splits may automatically populate if they have been entered in the Payee details.
- Click the Upfront drop down box and choose the appropriate option:
- Percent will calculate a percent of the original commission payable.
- Fixed is a dollar amount (only up-front can have a fixed split). When entering a fixed amount, this value should be without GST.
- Commissions are calculated in order from Split 1 to Split 4.
- Splitting Templates can be created in the Splitting Templates section, and then applied here if required.
Further information about Splits
Further information to note about Splits:
- If at any point the commission remaining is less than the calculated amount for a payee, that payee will receive what is left.
- If at the end of all splits being paid there is commission left over, this will be paid to the company's nominated bank account for commissions.
- Splits can take a few days to be applied to interim statements.