How to configure Management Fees charged by Horse

How to configure Management Fees charged by Horse

ADD MANAGEMENT FEE RULE CHARGED BY HORSE

1. Go to Management Fee tab in Finance > Rules screen.


2. Click + Add button on the top right. The Add Management Fee Rule dialog will be shown. Proceed to complete relevant fields.



  1. Charge To will default to 'Horse', so keep that as default. This results in a management fee being charged to all owners of the horse, as opposed to charging to owners separately
  2. Select the relevant Horse(s) for the management fee to apply
  3. Select Start Date and Frequency of charges (e.g. Monthly)
  4. Select Repeat on (e.g. charge on the 30th day of each month)
  5. Tick on Charge in Advance and number of months if you want to charge the Management Fee in advance. If you don’t tick on this checkbox, Management fee expense will be charged on the management fee date.
  6. Enter Rate
  7. [Optionally] enter whether that Rate is charged per X%. If you define both a Rate and a Per Share %, the management fee charged to each owner of the horse = ( [Rate] x [Owner's % Share] ) / [Per Share %]
  8. Invoice Message is auto-generated, however you can edit this as required 
  9. Specify whether the Rate is Tax Inclusive or Exclusive, and specify the applicable Xero Receivable Account code and Tax Rate
  10. If you have Xero Tracking Categories enabled, select the Tracking Category (optional)
  11. Click Save button to finish.

VIEW MANAGEMENT FEE RULE CHARGED BY HORSE

Once created, the Management Fee rule will be shown in the Management fee rule list, Horse Profile and Owner Profile


1. View on Management fee rule list


2. View on Horse profile


3. View on Owner Finance account


EDIT MANAGEMENT FEE RULE CHARGED BY HORSE

  1. Go to Rules screen

  2. Select the Management fee tab 

  3. Search for the rule 

  4. Click on Edit icon next to the line item.

  5. The dialog will be shown and is ready to be update. 

  6. Click Save button, one dialog will be shown with list of all management fee expenses are created by this rule. You can tick the checkbox to confirm the expenses will be applied new updates. 

  7. Click OK  button to finish




EDIT MANAGEMENT FEE RULE CHARGED BY HORSE ON HORSE PROFILE PAGE, AND MODIFY OWNER SPLITS

  1. Go to Horse Profile screen

  2. On the Ownership section, click Edit Management fee button then the Edit Management Fee rule dialog will be shown.

  3. You can update some fields

  • Frequency 

  • Repeat on

  • Rate

  • Pershare

  • Invoice message

  1. You can manually split amount for each owner, you need to click icon on the owner who you want to update



Click button to finish the update amount for one Owner. Repeat step 4 for another owner.

If you make a change in fee amount of each owner but you want to revert, please click button.

  1. Click Save button, Confirm Expense Changes dialog will be shown. You need to select any expenses to which you want to apply the new rule update, by ticking on the checkboxes.


  1. Click OK  button to finish.


Note: After editing from Horse Profile, Management fee rule for this horse will be separated to rule of individual horse. 


DELETING MANAGEMENT FEE RULE 

As with the Edit function, you can delete a management fee rule as required, however all transactions made previously using the rule will not be changed.  With the rule deleted, the system will no longer automatically add Management fee expense.