Summary Overview
If a Rebate has been made for a Placement, it is important that this is logged correctly against the Placement record as a minus fee:
Placements > select Placement > Finance tab > Fee sub-tab > +New Fee > Complete fee, including adding a minus figure into the Amount field > Save and Close > Fee will be listed.
Step-by-Step Instructions
1. To log the rebate click on +New Fee:
2. Complete the Fee information. The Type of Fee must be left as 'Fee'.
3. The Transaction Type is the reporting field on the type of fee. It is important to ensure that the Amount field has a minus symbol at the start of the number. Save and Close once you are happy with the data completed.
4. Notice that the Issue Status of the fee is Pending:
5. The fee will need to be sent to the Finance team or whoever deals with invoices and credit notes at your business.
6. Click into the fee from the Fee name hyperlink. Before sending the fee for approval, select the invoice address at the bottom of the record:
7. Go back up to the top of the page. Select Request Approval:
8. The Issue Status will change to To be Issued. Whoever is managing fees can then either Approve the fee record details are correct and a credit note has been sent. If there are errors, the fee can be rejected. If this occurs, the status will return to Pending. Changes can then be made before re-running Request Approval.
Additional Information
Financial Reporting
If you are reporting on permanent business within Mercury using Fees, this will ensure your financial reporting is correct.
NOTE: A product improvement has been logged with our Product team to update the True Gross Profit field when a rebate, or Fee with a minus figure, has been added to a Placement.