Using a Smart Code to Change Fees/Commissions on an Account

No fee code involved:

• You can change the commission rate on an account by putting a "Y" in the smart code field recalculate commission (Y).
• This will recalculate the commission based on the current rates.

Fee code involved:

• You need to enter the new fee code in the smart code field change fee code to and also put the "Y" in the smart code field recalculate commission (Y).
• This will change the existing fee code on the account and recalculate the commission based on the current rates.

 Note:

• If commission rate - change at the client update level.
• If fee code – determine if the fee code is used for any other clients. If not – change the fee code to the new rate.
• If the fee code is used by other clients, create a new fee code with the new rate and change it in the client update.
• If the new rate only impacts accounts going forward, you are now done.
• If the new rate needs to change on existing accounts, you will need to run a smart code against all the existing accounts to change the rate.
• The smart code will need to use Recalculate commission (Y) =Y on page 7. Test this on some accounts before applying to live accounts.
• If you created a new fee code, the smart code would also need to “Change fee code to __” on page 7.
• The smart code should also not update the date last worked on page 6.

Keywords - Kbase Smart Codes Kbase Smart Code Kbase Fee Codes Kbase Fee Code Kbase Commission Rates Kbase Commission Rate