Splitting Out Finance Fees From Finance Deposit Amounts in Bank Rec

In the Payment Type Code Maintenance module, at the Split checkbox, just to the right of the G/L Account field, BMS allows for splitting finance Payment Codes so that the Bank Reconciliation properly shows the amount being deposited into the Bank Account and the split portion being charged as a Fee. (Please Note: this is not active with the CIP Integration feature upgrade.) There is a User Control 6 option to determine who can override the Deposit Split %. That control appears as follows: Allowed To Override Deposit Split %. First, you will need to add, unless you already have a Payment Code for which this feature would apply, a Payment Code for the main Financing payment, such as SHAW 12MO DEFERRED. You will also need to add the Secondary Payment Type Code to send the split, such as ZZ (to send to the bottom of the lookup) for the Financing Fee. Be sure you know to which G/L Account you want to send this Fee to and make sure it is set up as a Bank Account before completing this next step. Please Note: This works independently of Job Cost, as you may wish to cost a lower percentage to the Job. Once the new Codes have been added, start with the new “ZZ” Payment Type Code. When you check the Split option, a new box will prompt for additional setup as follows:

You will only need to click in the Secondary box for this setup. Be sure to click Save prior to exiting. Next, enter into the Shaw, etc. Payment Type Code(s) and click the Split checkbox in that Code as well. Leave the Secondary option unchecked in this Code. Use the drop-down arrow to select the new “ZZ” Payment Type Code you just added. In the Split % field, type in the fee percentage you are charged for offering this finance option. This is the amount that will show as split/separate in the Bank Reconciliation module and that you can show as split on the Customer Payment Register. The completed setup should appear as follows:

On the Job, the system will write a two-line Deposit entry as follows: