Reversing Earned Performance Fees

This article was developed to describe and demonstrate how to reverse Earned Performance Fees (EPFs) within the FORTH CRM. This article includes the following topics:

• Overview
• How to Access
• How to Use
• Video

Overview

This feature allows you to reverse EPFs cleared on a settlement concerning an individual debt. It is available in conjunction with the EPF Control feature, but it is a standalone option, meaning you can turn the EPF Control on and off, while not affecting the functionality of the EPF Reversal.

For more information on controlling of EPFs, see the Help Center article titled Earned Performance Fee Control.

How to Access

1. Log in to the FORTH CRM and click on the Contacts tab, 
2. Search for, and then select, a client.
3. From the Client Dashboard, go to the Debts nested tab to find a particular account that needs a reversal. (see example below).
   
4. For our example, begin with the account entitled, “CHECKNGO.” This customer paid $100 in Earned Performance fees on this account.

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How to Use

1. Once you determine the account, from the Client Dashboard, click Enrollment in the navigation bar.
   
2. From the Transactions table that opens by default, identify the individual fee to reverse. In this example, you will be reversing the $90 Fee shown below.
   
3. Return to the navigation bar at the top of the page, and click Account-to-Client Transfer. 
   
4. An Account-to-Client Transfer dialog box opens that allows the transfer of a specified amount from the payee VBA account selected in “From Account” dropdown menu to the client account.
5. In the Associated Payment dropdown menu, for our example, select an Earned Performance Fee.
   

6. To reverse the entire amount, enter 90.00 in the Transfer Amount field. You may also reverse a portion of the amount as you see fit.
   

7. Enter any key details in the Memo field (such as the word "Reversal") and then click Save.

8. As a result, a Transfer transaction is created and processed usually on the same business day; otherwise, the following business day.

NOTE: Leave the recoup date blank so it acts as a reversal, and not a recoup.

Reversal Confirmation

The reversal is now complete and you should see the top of the page update like the one below. When you hover over the client's name, you will see a Back to Client Dashboard message appear as a reminder.

Click the customer’s name, as shown above, to return to the Client Dashboard, then go to the customer's Debts nested tab. The amount listed under the Settlement Fee Cleared field has changed. 

The $90.00 that was reversed has been removed from this listed dollar amount (see bottom right of the image below) and the balance is correctly listed as $10.00.

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Assistance

For more information, email us at Support@setforth.com.

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