Choose preferred Statement Format [Syndicators only]
If you are a Syndicator and a subscriber to the Prism Syndicator solution, an important decision to make at this early time is what Statement format you wish your owners to receive.
You can choose a Statement format that is more traditional, displaying an Opening Balance and Payment Received from the owner as a total. Or choose a Statement format that displays Opening Balance by owner and by horse. This 'Syndicator Statement' format is necessary if you collect funds from owners into separate bank accounts for each horse.
Option 1 - Traditional Statement managing balances by owner
If you do not collect funds from owners into separate bank accounts for each horse, you can choose a Statement format that is traditional. It displays an Opening Balance and any payments received from the owner as a total.
A Pay Here button appears on the Statement page (if you are using our integrated Thoroughbred Payments solution) and all funds will be received into your primary bank account as configured with Thoroughbred Payments.
See a sample Statement and accompanying Invoice Details, below.
Option 2 - Syndicator Statement managing balances by horse
If you do collect funds from owners into separate bank accounts for each horse, in order to comply with ASIC and Racing Authority regulations, you can choose a different format that display the Opening Balances and Payments Received by horse.
A separate Pay Here button is displayed on each horse Invoice Details page to collect funds into a separate bank account for each horse, as configured with Thoroughbred Payments. However, an owner can still pay a total amount via the Pay Here button on the Statement page. Those funds will be allocated to each horse proportionately and automatically.
This does require that every invoice, every credit and every cash refund must be allocated correctly to each horse in order to retain the integrity of balances by owner and horse.
See a sample Statement and accompanying Invoice Details, below.
During the implementation phase of Prism Finance, please discuss this with our support team and let us know which is your preferred format.
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