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<< Click to Display Table of Contents >> Navigation: Invoicing > Optional Features > Commissions and Reimbursements |
The Commission and Reimbursement feature in Pak Accounting's Invoicing Module is a system to streamline the company’s commissions and reimbursements that are payable to Consultants.
To Setup:
1.In General Ledger
a.Set up Income, Expense, and Payable Accounts (if applicable)
b.Master Files Maintenance > Sub-Table, setup a Sub-Table for consultants. In my example, I created Sub-Table 75 for this example.
c.In Sub-Account Maintenance (F12), create a new Sub-Account for each consultant who will be receiving commissions.
d.If you want a separate Journal also set that up. I created Journal 18 for this example.
2.In Invoicing – Master Files Maintenance
i.Enter the Commission and Reimbursement payable and expense accounts as well as the journal number to use for these entries. The “Create Payable Entries” must be set to anything besides “No” to enable the Commission Definitions menu.
NOTE: If the account is sub’d by the consultant Sub-Table, setting *SPCD* as the Sub-Account will auto-populate the consultant as the Sub-Account when posting.
ii.You will need to close out of Invoicing and go back in, you will see a new menu option available under Master File Maintenance called Commission Definitions.
b.Company > Invoice Tab > Entry Sub Tab, make sure the “Show Commission Tab” is set to Yes. This will turn on a new tab in Enter Invoices called Commissions
c.Custom Fields, for Name Prompt 8, enter the title Consultant to print on the invoice, and then enter the Sub-Table for consultants.
NOTE: If you already have something defined in Name Prompt 8 you will not be able to use this feature as the Commissions and Reimbursements feature needs this field to work properly.
d.Class Maintenance, Setup a Class Code for reimbursable income and expenses.
e.Parts Maintenance [F3],
i.Setup parts for reimbursable expenses.
NOTE: The item type should be 2 - Non-Inventory.
ii.On other parts, on the General Information tab, make sure to have the appropriate box checking for “Pay Sales Commissions”.
f.Commission Definitions, enter the consultant Sub-Account and the commission rate to be charged.
NOTE: 1.000 is considered 100%.
TO USE:
1.When entering an invoice for a customer, enter the Consultant on the Customer tab. The commission rate will prefill on the Commission Tab based on the setup in Commission Definitions.
2.For all reimbursements that need to be paid to the consultant, enter the part number for reimbursable expenses and the quantity on the bottom half of the screen.
NOTE: If you do not want the Quantity or Selling Price to show in the Invoice, uncheck the corresponding boxes in Parts Maintenance – General Information Tab.
3.When the invoice is updated, the journal entries will go to the accounts setup in Company Maintenance. To pay the commissions and reimbursements use your normal Accounts Payable procedure for issuing checks.
4.Pak Accounting also has an optional add on module that would enable you to send the Commissions and Reimbursements via ACH. For more information, see General Ledger ACH.
5.Can run IH-1 Sales by Sales Person
Pak Accounting also has an optional add on module that would enable you to send the Commissions and Reimbursements via ACH. For more information, see General Ledger ACH.