Setting Up Simple Rule Based Fee Structures for Cheque Cashing Transactions - Part 1
How to set up rule-based fee structures for cheque cashing in order to automatically apply commission fees to a cheque.
Rule-based Fee Structures
To set up a rule-based fee structure, you must be signed in as the Administrator.
- Click on 'Admin' from the menu bar and select 'Define Rule-based Fee Structure'.
Setting up the new rule
Set up the new rule by clicking on 'New Rule' in the Rule Based Fee Structure window.
Set the criteria by filling in the tabs of your new rule:
- Rule Name - Name your rule.
- Rec/Paid - Put 'Receive' to set the rule so that every time a cheque is received the fee is applied.
- Curr - Enter your currency.
- Method - Enter 'Cheque' as the method.
- Lower Range - Type (-1) as the lower limit for no limit; *Note the lower limit is inclusive.
- Upper Range - Type (-1) as the upper limit for no limit; *Note the upper limit is exclusive.
- % Fee - Add a percentage fee.
- Flat Fee - Add a flat fee.
Then hit 'Apply' and close the window.
Activate Rule-based Fee Structure
- Be sure to activate the Rule-based Fee Structure from your Server Preferences.
- To turn them on, from your tool bar, go to 'File' then click on 'Server Preferences' or use the shortcut <Ctrl+;>.
- From the Server Preferences window check off 'Activate the Rule-based Fee Structures' and hit 'Save Settings'.
Discounting a Cheque Using Commission
- Create a new invoice from the invoice module.
- Select the customer, input your transaction information.
- You will notice as soon as you select 'Cheque' as the method of payment and hit <TAB> that the system automatically applies the new rule you have created and adds the 2.5% commission fee as well as a $3.00 flat fee.
- Note that the rule name also appears on the right hand side of the % and flat fee field.
- Click 'Add Row' or hit <*> on your keyboard.
- Enter the cheque number in the 'Cheque No' field.
- Enter the date by 'Due Date of Cheque'.
If the cheque is postdated be sure to add a few days by entering manually or clicking the '+' icon next to 'Today'. - When inputting the 'Type of Cheque' you will be directed to a menu where you can select the cheque type then hit 'OK'.
- Under 'Pay to (Beneficiery)' input the name of the entity the cheque is issued to.
- Select the issuing bank of the cheque in the 'Issuing Bank' field and hit 'OK'.
- In the field, 'Bank to Deposit into' select your bank which you will be depositing this cheque into.
- Hit 'Save'.
- At the bottom of the invoice you will see that the fee was applied below the 'Fee' column.
- The amount you now owe your client will show below 'Debit (LC)'.
- Pay the due amount then click 'Add Row' or <*>.
- Then 'Save'.
You have thus applied the simple rule you have created to a cheque cashing transaction.
