Commission splits can only be applied once the loan account exists in the Interim statement or Loan Accounts tab.
To enable Splitting Access, a Principle Owner or Director must email Comms@connective.com.au to grant access to a Mercury user.
Before applying a split, the referrer must already exist as a payee. To create a new payee, refer to Manage Payees in the Commissions App. For more information, please visit Create & Manage Payees
Note: Payee splits are to be applied before the payment batch cut-off date. Please refer to the Commissions Payment Calendar for more information.
There are two ways to apply a commissions split.
- Manual Splitting
- Auto Splitting
Manual Commission Splitting
Commission Splits can be applied via the Loan Accounts or Interim Upfronts tab. The Interim Upfronts tab shows new settlements that are in an Interim status.
- In the Commissions App , select Loan Accounts or Interim Upfronts in the left side panel.
- Select the relevant loan account. You can use sorting or filter functions to help locate the loan account.
- Click Edit Splits
- Select the Payee & enter the Percentage or Fixed amount for Upfront & Trail commission.
- Percent will calculate the Upfront/ Trail commissions based on the percentage amount entered.
- 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. If a split is not entered or equals zero, the commission will be paid to the Head Partner Group.
Applying a Splitting Template
To Create a new Splitting Template, refer to Payee Splitting Templates
- In the Commissions tab, you can apply a Splitting Template, by selecting either Interim Upfront Commissions or Loan Accounts in the left-hand panel.
- Click on the loan you wish to apply the Splitting Template to.
- Click Edit Splits.
- Click the Splitting Template drop down and select the relevant template.
- The default splits will be applied to the Loan Account.
Automatic Commission Splitting
Automatic payee splits will apply a payee split based on the loan writer that the payee is linked to.
For example: A 100% upfront split will automatically apply to Payee "John Smiths Loans" for settlements lodged under loan writer CA12345 - John Smith.
To set up Automatic splits:
- Refer to Manage Payees in the Commissions App.
- Open the Payee by double clicking on the account.
- Select "Automatically allocated for loans written by selected associate"
- Enter the Splitting details & Link the Associate/ Loan writer
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.
- All Principal Owners will be notified by email when a split is altered