Option to select manual admin fee expense account
When assessing a manual admin fee on a fund, it would be helpful to have the option to choose an expense account other than the default admin fee account. For our organization, we have two admin fee expense accounts. One of these is set as the default and is often the one we want to use, but it would be helpful to have the option to specify the other account in some situations.
Our current workarounds are: (a) process the admin fee and correct via journal entry or (b) edit the default account prior to processing the admin fee, process the fee, and change the default account back after, neither of which are particularly graceful, although they work for now.
Landon Gilmour
shared this idea
6/7/2023: Admin Fee: The following enhancements are now available for Admin Fees: the ability to set funds in bulk to an admin fee type, an option to add a note to an admin fee, and on manual admin fees, the ability to select the receiving fund and accounts. The ability to create a manual admin fee is now an option in the left hand menu on the admin fee page.
Also enhanced the fund record’s Admin fee section to have a start date field. This start date can be used to enter a starting date to begin processing admin fees on a fund. The start date will look at the admin fees posting date. For example, if the fund’s admin fee start date is set to 1/1 and admin fee posting date is 12/31, it will not charge that fund for that admin fee.
Enhanced the admin fee types to now have a maximum fee per year. Clients will now see a maximum fee field added to the admin fee types. This will allow the system to only charge a fund with that type a maximum per year.
Funds Bulk Edit was also enhanced by adding the Admin Fee Start Date.
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Susan Lotreck
commented
Glad to see this idea has moved to the planning stage. Very helpful for our organization as well. Thank you.