How to configure Daily Rates in Trainer and Breeding portals
Daily Rate Rules enable you to assign Daily Charges based on each horse’s location and status during a month. Think of these Rules as your Schedule of Fees.
The relevant expense is created automatically and maintained daily, ready for invoicing during your end of month Statement run.
This reduces double handling and time consuming end of month red tape and ensures you capture all daily rates that need to be charged to Owners.
Set up and used correctly on a daily basis, Prism will essentially run your Finance process in the background.
A Daily Rate is the rate charged each day based on the horses Location and Status.
Create a list of pre-defined rates by navigating to Finance> Rules > Day Rates tab.
In this screen, you can search for a day rate by typing the keyword in Search box, the result will be shown underneath.
The list can be ordered by clicking on the header or you can filter by the location / status you would like to view.
To add new rate, click on + Add button on the top right of the screen. It will open New Day Rate dialog. Fill in the information then click Save to finish.
- Location and Status: Select values from the suggestion list
- Invoice Message: this is the description for the line item in the owner statement. It is automatically generated but you can edit as required
- Rate: input the dollar amount to be charged here
- Amount are: define tax settings for the rate. In default, it’s “Tax Inclusive” if you are GST registered (as settings in GST Registration) but you can change it.
- Receivable Account: select from the list of accounts in Chart of Accounts screen. This will be used the account that these daily charges will be allocated to
- Tax Rate: Tax Rate applied to the rate
- Tracking Category: add the tracking category you want to trace the cost.
- Click Save to add the new rate
Any horse that gets assigned this Location and Status will then automatically incur this day rate cost on a daily basis until changed.
If you don’t have the tracking category settings, Tracking Category field will not show in your screen. To set up Tracking Category, check Manage Tracking Category help section.
A sub-rate is an extra-fee applied automatically to the daily charges of the horse if it’s assigned to a specific Location-Status. To add a sub-fee for a Location-Status, in Rules screen:
- click on + icon next to each line item
- New Sub Charge box will appear with Location-Status already auto-filled
- Input the name for sub-fee as Invoice Message and the dollar amount to be charge and the account to be charged to
- Click Save to finish.
You can delete a day rate by clicking the Trash icon and confirming in the alert dialog.
Please be aware of the following when deleting day rates and sub fees:
- If you delete a sub-fee, it will affect on the sub-fee only
- When you delete a day rate, all attached sub-fees will be deleted also
- Once you remove a day rate, it will affect the cost in the period. All daily charges that are using the rule which have not been invoiced during the period will be removed.
If you delete a day rate which is in use to calculate the daily charges for one or some horses during the period, those daily charges will be deleted as well. All daily charges which were invoiced are not impacted.
To edit a day rate, click Edit icon in Action column and follow the prompts in the Edit Day Rate dialog screen.
If you edit amount of a day rate or sub-fee, it will affect the cost in the period. All the daily charges that are using the rule which have not been invoiced during the period will be updated to the new rate.
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