How to add a Syndicate Fee for owners with small ownership shares
This function will create expense transactions, applied to owners who own less than a specified % share on one or multiple horses.
That expense is only applied if the horse has daily charges for a selected location / status, during a specified duration.
- Navigate to Finance > Transaction tab
- Click on + Add Expense and select Syndicate Fee.
The Syndicate Fee window will be shown as below.
Follow the below instructions to create the fee applied to owners:
- Specify the duration for your search by setting a Start Date and End Date.
- Specify the Location / Status
- Description and Reference are auto-generated but you can modify as needed.
- Percent: the owners’ share must be less than this % to be charged the fee. (2)
- Amount: the amount to charge the owner(s) who own less than the specified Percentage ownership across all horses in the specified Location / Status and Duration.
- Account: Receivable account to charge the amount.
Once you click Save, Prism will query all owners of the horses that match the Location/Status condition within the specified Duration. If an owner owns less than the specified percentage ownership, Prism will apply the expense amount to those owners. Each owner’s expense will be one line item in Transaction list.
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