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This article describes and demonstrates the new Earned Performance Fee Reversal feature. This feature will allow your company to reverse Earned Performance Fees cleared on a settlement in relation to an individual debt.
This feature is available in conjunction with the Earned Performance Fee Control, but is a standalone feature, meaning that you can turn the Earned Performance Fee Control on and off while not affecting functionality of the Earned Performance Fee Reversal.
For our example, begin with the account entitled, “CHECKNGO.” This customer paid $60 in Earned Performance fees on this account. To reverse a portion of those fees, click on the “Contacts” tab, select a client, and from the Client Dashboard, click the “Enrollment” tab.
You should now see the screen shown below.
Next, identify the individual fee that we would like to reverse. In this situation, we will scroll down the list to reverse the $24 Fee shown here.
Return to the top of the page and click “Advance Funds” from the far right of the Enrollment Details menu.
An “Account-to-Client Transfer” dialog box now opens that allows you to transfer a specified amount from a payee account to a client account.
In the “Associated Payment” dropdown menu, for our example, click “Earned Performance Fee”.
In this case, we are going to reverse the entire $24.00 Fee by entering this amount in the “Transfer Amount” field.
NOTE: You can select to reverse the entire Earned Performance Fee or a portion of it.
Enter any key details in the “Memo” field and then click the “Save” button as shown below.
NOTE: Leave the recoup date blank so it acts as a reversal, and not a recoup.
The reversal is now complete and you should see a screen similar to the one below.
Click on the customer’s name as shown above to return to the Client Dashboard, then go to the customer's “Debts” tab, You now see that it is no longer $60.00 in Earned Performance Fees that have been cleared.
The $24.00 that was reversed has been removed from this listed dollar amount.
See article on Earned Performance Fee Control.
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