Charge Admin Fees

Written by Nick Miles

Last published at: January 20th, 2021

Once you've created and configured your admin fee types, and applied them to the relevant fund(s), you can charge admin fees

Please note that CommunitySuite uses only Bank and Investment accounts to calculate admin fees. If the Available Daily Balance flag is enabled for a specific admin fee type; CommunitySuite will look at all asset accounts when calculating the admin fees for that admin fee type (unless an asset account was specifically excluded).

  1. Navigate to Admin Fees from the Home page.
  2. Select Change Fund from the left-side menu.
  3. Under Set Admin Fee Fund, select the Fund that will receive the admin fee revenue.
  4. Click Create from the left-side menu.
  5. Under Create Admin Fees:
    1. To the right of Calculate Date, enter when the Admin Fees should be calculated.
    2. To the right of Post Date, enter when the Admin Fee transactions should be posted.
    3. Enter a Description of the Admin Fee being charged
  6. Click Next to charge the Admin Fees.
  7. Select Post from the left-side menu to Post the Admin Fees.

If there are Funds missing that should be charged, Funds listed that should not be charged, or other items that need correction, you can correct and re-run the admin fees.

  1. Select the Admin Fee ID #.
  2. Choose Unpost from the left side menu.
  3. Pick Delete to remove all the transactions. 
  4. Make the needed corrections in your system and re-run the Admin Fees.

For Admin Fees that are assessed quarterly based on the quarter ending market value of the fund follow these steps:

  1. Navigate to to Admin Fees.
  2.  Select Fund Fee Types from the left menu.
  3. Click into the Admin Fee that charges a Percent Quarterly.
  4. Uncheck the box next to Use Average Daily Balance.
  5. Click Update.
  6. Continue to do this for the other fee types as needed.
    • If you change your mind and want to use the Average Daily Balance calculation, just remember to return and check "Yes" on the Average Daily Balance check box.

Please note that there cannot be more than one admin fee run on a single day (this includes manual admin fees).