Commission Schedule
The Commission Schedule defines the time period and frequency based on which commissions are paid. The Commission Schedule is usually one year long and is divided into periods, which are referred in calculations to calculate the payout. Only one Commission Schedule can be set for a Commission Year. The calculations are made based on the current Period Number and the Commission Year.
The Commission Schedule menu lets you quickly create, edit and view the information. You can click Master Data ? Commission Schedule menu item to display the "Commission Schedule" page. This page will display the Commission Schedule Name, Commission Year, Frequency, First Day of Commission Year, and Current period.
Commission Schedule Fields
Here is a description of the Commission Schedule standard fields. Some of these fields may not be editable depending on your page layout.
| Field | Description |
| Commission Schedule Name | Name of the Commission Schedule. For example, 2009 Schedule. Up to 255 characters are allowed in this field. |
| Commission Schedule Description | Short description on Commission Schedule. The description can be combination of alphabets and numeric and special characters. It should not exceed more than 255 characters. For example, Commission Schedule for the Year 2009. |
| Frequency | It determines the number of periods over which commission calculation should happen for the commission year. Commissions are paid based on the selected Frequency. The frequencies are Monthly, Twice Monthly, Weekly, Bi-Weekly, Quarterly, Halfyearly and Annual. Calculation periods will be generated based on the selected frequency. Weekly frequency consists of fifty-two calculation periods for a Commission year. Bi-Weekly frequency consists of twenty-six calculation periods for a Commission year. Every fourteen days is considered as one calculation period. For example, if the fiscal year starts at October 10, 2009, the first period starts from October 10, 2009 to October 24, 2009 and second period starts from October 25, 2009 to November 09, 2009. Every fourteen days is grouped as one period and is continued till the end of the fiscal year. Monthly frequency consists of twelve calculation periods for a Commission year. Twice Monthly frequency consists of twenty-four calculation periods for a Commission year. If you select the Twice Monthly as Frequency, application creates twenty-four periods in a fiscal year. This frequency has two periods in a month. The 15th day and the last day (30th or 31st) of the month are considered as end dates of the period. For example, if the fiscal year starts at January 3, 2009, the first period of the month will be from January 3rd to January 15th and the second period will start from January 16th to January 31st. Quarterly frequency consists of four calculation periods for a Commission year. Every three month of a fiscal year will be considered as one calculation period. For example, if fiscal year start date is 01-Jan-2009, then first period will start at 01-Jan-2009 and ends at 03-Mar-2009. Half Yearly frequency consists of two calculation periods for a Commission year. It is a combination of 6 periods constitutes one half-yearly frequency. Annual frequency consists of one calculation period for a Commission year. |
| Current Period | Number referring to the interval like 01-Jan-2009 to 31-Jan-2009, for which commission calculation will run. Up to 255 characters are allowed in this field. |
| Commission Year | Financial year is the year for which the commissions are paid. Up to 255 characters are allowed in this field. |
| First day of Commission Year | Starting day of the commission year. This should be in the format as "dd-mmm-yyyy". |
Setting up new Commission Schedule
Administrator can change the default settings of a Commission Schedule. This allows the setup of the payment calendar for the commissions. For example, for creating a new Commission Schedule "2009 Schedule" with the following fields such as Commission Schedule Name, Commission Year, Frequency, First Day of Commission Year, and Current period, follow the steps given below:.
- Click Master Data ? Commission Schedule sub menu item. The 'Commission Schedule - Add' page opens.
- Type the name of the Commission Schedule in the Commission Schedule Name text box. For example, type the Commission Schedule name as "2009 Schedule" in the text box provided.
- Type the short description about the Commission Schedule in the Commission Schedule Description text area. For example, type the Commission Schedule Description as "Commission Schedule for the year 2009".
- Select the Frequency from the respective drop-down. For example, select the frequency as" Monthly".
- Type the period number in the Current Period text box to set the calculation period. For example, type the period number as "1".
- Type the financial year in the Commission Year text box. For example, type the financial year as"2009" in the text box provided.
- Click and select the starting date of the frequency from the date picker of First day of Commission year. For example, select the date as "01-Jan-2009".
- Click Save to save the added Commission Schedule details or click Reset to undo the changes.
Note:
? Editing Commission Schedule details are applicable only for first period that is only when current period of commission year is "1".
? The Rep can edit the Commission Schedule details such as Commission Schedule Description, Commission Year, Period Start Date, Current Period, Frequency, and Generate Commission Schedule dates before the close of first period.
? Modifying the frequency or First Day of Commission Year will automatically generate new commission schedule dates such as periods, period start and end dates
? Existing Commission Schedule dates such as Period Start Date and Period End Date can be modified.