How Do I Track Commissions?

Created by MCA Suite Support Team, Modified on Tue, 12 Nov, 2024 at 8:22 AM by MCA Suite Support Team

Once a deal has been funded (refer to this article on how to fund a deal), administrators and managers are able to add commissions tied to the deal.

To access the Commissions page, go to the Funded tab and select the deal for which you would like to add commissions. Once in the selected deal, look for the Commissions button on the Deal Summary page. Click on the "Commission" icon to be taken to the Commission List page.

From the Commission List page, a table will display Payable and Receivable Commissions with Scheduled, Settled and Balance Columns.

To record a Commission associated with the deal, click on the "Add" sign from the Commission List page.

Below are the definitions for each column term:

Labels	Definition
Payable	Payable Commissions are owed to a person or a company for work in closing the deal. For example, you need to pay your staff a percentage of the advance amount for working on the deal.
Receivable	Receivable Commission are owed to YOU for closing the deal. For example, you submitted a deal to a Funder and the Funder agreed to pay you a percentage of the funded amount as a commission.
Scheduled	Scheduled is the amount of money you are supposed to pay out or receive.
Settled	Settled is the amount of money you actually paid or received.
Balance	Balance is the difference between the Scheduled and Settled amounts (what remains to be paid/received).

After clicking on the "+" icon, the following slide-out will appear:

The following fields are required:

1. Type which can be either Payable or Receivable

2. Company OR Person is required to receive or pay a commission related to the deal (refer to this article to add a Contact in your workspace). Note that if you have entered a Company and wish to add a Person, the Person first must be associated with the selected Company.

3. Description of the Commission.

Once you have entered the required information, you can add a scheduled date - which is when the commission is supposed to be paid or received. The scheduled amount can be entered or you can use MCA Suite to help you calculate a percentage of either the "Advance," Payback," or a "Custom" value which you can enter in the textbox when selected.

In the example below where "Custom" amount type was used, 15 was the percentage entered and the value of 1,000 was entered in the "Custom" field. MCA Suite calculated 150 as the scheduled commission:

If you know the Settled date and amount, it could be entered with the Commission entry. If you do not know the Settled date, it can be entered at a later time.