Commission Rate Plan
Commission Rate plans allow you to quickly specify a sliding scale for
the Commission Rate charged Clients for funds collected from Debtors.
You can choose a default within each Client record, which is used for
new Debtors assigned to the Client, and you can change the Commission Rate
plan for each Debtor.
Commission Rate Plan form
Please refer to Commission Rate Plan Basics for steps to
access this form.
You cannot choose a Commission Rate plan for a Debtor and also
a fixed Commission Rate. Select one or the other.
Collect! supports several types of rate plans based on account age, listed
amount, amount of an individual payment, and other criteria.
Each plan can have up to six commission rate levels. You can edit the
existing rate plans and create new ones.
In order for a Commission Rate plan to work
properly, all FROM and TO fields must be
filled, including a RATE. Break down your rates
in whatever way is necessary to ensure that
each one of these fields is filled. The MIN and
MAX values are optional.
Code
The unique three-character alpha-numeric
ID for this plan. When you choose a Commission
Rate plan, this ID is displayed in the Commission
and Charges form that opens when you click into
the Rate field on the Debtor form. Commissions for
the Debtor will be calculated as they have been setup
for this particular plan. Depending on the plan you
choose, the applicable rate will display in the Rate
field for this debtor.
Description
A brief description of the plan. This is displayed in the
list of Commission Rate plans. Use a description that
will allow the user to quickly identify the plan.
Type
This field displays the type of plan. This includes
age, listed amount, paid to date, payment amount,
payment days from listing, from delinquent and from
charged, and remaining balance.
* AGE plans use the number of days between
the listed date and the charged date to determine
which commission rate should be used.
For this type of plan, you must have
a Charged Date entered. On new
accounts, the Charged Date must be
entered BEFORE you enter the Principal
or Collect! will not be able to evaluate in
a timely manner.
* LISTED AMOUNT plans use the Debtor's original
principal and interest amounts to determine which
commission rate to charge. To have Collect! use
just original principal and ignore the interest, post a
transaction to record the original interest.
* PAID TO DATE plans select from the rate table
based on the amount paid to date. The value in the
Paid field on the Debtor form determines the
commission amount.
* PAYMENT AMOUNT plans look at each individual
payment and use that amount to determine which
commission rate to use.
* PAYMENT DAYS FROM plans compare today's
date with the appropriate Debtor's date and select
from the rate table based on the number of days.
* REMAINING BALANCE plans use the Debtor's
amount owing to select from the rate table.
The PAID and REMAINING BALANCE
plans look at the total amount paid or
balance to determine the commission rate.
WARNING: Payments must be entered sequentially
by date. The commission rate is set by the
Debtor's totals at the instant a payment is
made using these plans.
Special Notes About The Plan's Fields
The FROM and TO fields are dollar amounts,
like 100 or 100.01.
Make sure all values in your ranges are covered.
For instance, if you enter 0 to 100.00 for your first
range and 101.00 to 500.00 for your second, you
are missing a dollar. Instead, enter 0 to 100.00
and 100.01 to 500.00.
The RATE field is a percentage.
The MIN and MAX fields are dollar amounts. These
fields are optional.
You cannot enter text in the plan's FROM, TO, RANGE,
MIN and MAX fields. They are for numbers only. If you
enter a number without a decimal, Collect! automatically
enters two decimal places, i.e. .00
From 1
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case
of the date plans, this is the number of days. In all
other cases, this is dollars.
To 1
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days, otherwise
this is dollars.
Rate 1
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling
within this range.
Min 1
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged
before the Client receives any payment.
Max 1
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the
range and the maximum value will not be exceeded
for any value in the range.
From 2
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case
of the date plans, this is the number of days. In all
other cases, this is dollars.
To 2
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days,
otherwise this is dollars.
Rate 2
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling within
this range.
Min 2
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged before
the Client receives any payment.
Max 2
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the
range and the maximum value will not be exceeded
for any value in the range.
From 3
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case
of the date plans, this is the number of days. In all
other cases, this is dollars.
To 3
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days,
otherwise this is dollars.
Rate 3
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling
within this range.
Min 3
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged before
the Client receives any payment.
Max 3
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the range
and the maximum value will not be exceeded for any
value in the range.
From 4
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case of
the date plans, this is the number of days. In all other
cases, this is dollars.
To 4
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days,
otherwise this is dollars.
Rate 4
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling
within this range.
Min 4
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged before
the Client receives any payment.
Max 4
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the
range and the maximum value will not be exceeded
for any value in the range.
From 5
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case
of the date plans, this is the number of days. In all
other cases, this is dollars.
To 5
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days,
otherwise this is dollars.
Rate 5
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling
within this range.
Min 5
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged before
the Client receives any payment.
Max 5
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the
range and the maximum value will not be exceeded
for any value in the range.
From 6
*** MUST BE FILLED IN ***
This is the minimum value of the range. In the case
of the date plans, this is the number of days. In all
other cases, this is dollars.
To 6
*** MUST BE FILLED IN ***
This is the maximum value of the range. In the case
of the date plans, this is the number of days,
otherwise this is dollars.
Rate 6
*** MUST BE FILLED IN ***
This is the commission rate for accounts falling
within this range.
Min 6
*** OPTIONAL ***
This is the minimum value in commissions for a range.
Commission is charged for each transaction in the
range and the minimum value will be charged before
the Client receives any payment.
Max 6
*** OPTIONAL ***
This is the maximum value in commissions for a range.
Commission is charged for each transaction in the
range and the maximum value will not be exceeded
for any value in the range.
Delete
This button is visible only on the list of all
Commission Rate Plans. Select this to delete
the highlighted item from the database.
Edit
This button is visible only on the list of all
Commission Rate Plans. Select this to open
and modify the highlighted item.
New
This button is visible only on the list of all
Commission Rate Plans. Select this to open
a new blank Commission Rate Plan form.
Help
Press this button for help on the
Commission Rate Plan form and
links to related topics.
Cancel
Selecting this button will ignore any changes
you may have made and return you to the
previous form.
OK
Selecting this button will save any changes
you may have made and return you to the
previous form.
<<
Selecting this button will take you to the
previous commission rate plan.
>>
Selecting this button will take you to the
next commission rate plan.
See Also
- Commission Rate Plan Basics - Introduction/Accessing
- Commission Rate Plan Samples
- How To Create A New Commission Rate Plan
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