Setting up Payment Schedule
The payment that needs to be made to the developer depends on the stage of the development completion. The payments are broken down into stages and are billed out progressively to the purchaser and end financier.
A sale commission is only pay out if the payment terms are fulfilled or settled. In order to generate the claims accurately, you need to set up the Payment Schedule in Credit Control.
Go through these steps ONLY if your commission data source is Credit Control.
- At the top navigation bar, click on Credit Control.
- In Credit Control, click on the Settings icon, then on the Payment schedule on the left panel.
- Click on New payment schedule button.
- Enter a Payment schedule code. For e.g Commercial payment schedule 5 stages.
- Enter a Description. For e.g Payment schedule with 5 stages for conventional loan.
- On Stage 1, enter a Percentage (%) value, for e.g 10%, then Credit terms (days), for e.g 7.
- Next, enter a Description for the stage, for e.g Upon SPA signed and stamped.
- Select the checkbox for any of these items if it applies to the payment stage.
Due date by working days
- The credit terms duration will only count in working days.
- The due date for the payment will fall on a working day.
Stakeholder sum
The retention sum of 5% of the SPA price, parked with a law firm, where the sum is held as stakeholders to ensure that the developer carries out the defects liability work.
Skip architect certificate
Does not require an architect certificate to proceed to payment.
Round adjustment
Adjust by rounding up the payment amount.
Vacant possession stage
The payment released for Vacant possession stage.
- Click on Add new stage to define the next payment stage.
- For progress billings to work, the total payment stages must sum up to 100%.
Read more on:
Setting up Transaction types
In this section, you need to set up the format of the sequence number for each transaction type.
- In Credit Control, click on the Settings icon, then on the Transaction types on the left panel.
- Click on Progress Billing.
- In the Progress Billing drawer, click on Edit button.
- In the Edit sequence number drawer, click on Add new button.
- Select the Project that you are setting up for commission.
- Enter a Prefix value, then enter Number of digits for the sequence numbers.
- Lastly, enter the Next number.
- Repeat steps 3 - 7 for other Transaction types.
