Comparing Standard and Split Management Fees in Strata Master

Summary

The settings in Configure > Agency > Management Fees provide a drop down alternative between Standard and Split Management Fee for "Monthly" Management Fee processes.  This is set by MRI during your implementation, and requires MRI assistance to change to the alternative setting.

Overview

This article will assist you to compare Standard Management Fees with Split Management Fees, for monthly management fee processing -

• Reviewing the Standard Management Fee Type
• Reviewing the Split Management Fee Type
• Which option would suit?

Reviewing the Standard Management Fee Type

Settings for Standard Management Fees

The settings in Configure > Agency > Management Fees provide a drop down alternative between Standard and Split Management. If set on Standard, then this is the method you use.

When your method is Standard Management Fees, then your Accounting > Invoice Management Fee screen shows the left side as greyed out.  The left side refers only to Split Management Fees.

Reports for Standard Management Fee Process

When in the Invoice Management Fees screen, and previewing  Management Fees for the current month, you will see both Standard Management Fees and Quantity Management Fees listed.  These will be processed together, at the same time, when you click the process button.

Reviewing the Split Management Fee Type

Settings for Split Management Fees

The settings in Configure > Agency > Management Fees provide a drop down alternative between Standard and Split Management. If set on Split, then this is the method you use.

When your method is Split Management Fees, then your Accounting > Invoice Management Fee screen shows the left side with a button that can be moved between 2 options. This give you the option to run your Standard Fees (auto bill) and Quantity Management Fees separately.

When previewing  Management Fees for the current month, in the Invoice Management Fees screen, the Standard Management Fees and Quantity Management Fees are listed separately.

Which Option Would Suit ?

Essentially the Standard Management Fee process is straightforward and, being performed as one process, generally quicker.

Split Management Fees would allow the Standard Fees to be processed while the Quantity Management Fees were still being reviewed, because these are processed separately.  If you would like to know more about Split Management Fees contact Education.APAC@mrisoftware.com