Commission splits can be applied Manually or Automatically
When to apply splits
Before applying a split, the Payee must be set up in Mercury. To create a new payee, refer to Manage Payees in the Commissions App. For more information, please visit Create & Manage Payees.
Payee splits must be applied before the payment batch cut-off date. Please refer to the Commissions Payment Calendar for more information.
Commission splits can only be applied once the loan account exists in the Interim statement or Loan Accounts tab, which first happens when the loan is received on a lender statement and allocated to a broker.
Manual Commission Splitting
Commission Splits can be applied via the Loan Accounts or Interim Upfronts tab. The Interim Upfronts tab shows new settlements that are in an Interim status.
In the Commissions App, select Loan Accounts or Interim Upfronts in the left side panel.
Select the relevant loan account. You can use sorting or filter functions to help locate the loan account.
Click Edit Splits
Select the Payee & enter the Percentage or Fixed amount for Upfront & Trail commission.
Percent will calculate the Upfront/ Trail commissions based on the percentage amount entered.
Fixed is a dollar amount (only up-front can have a fixed split). When entering a fixed amount, this value should be without GST.
Commissions are calculated in order from Split 1 to Split 4. If a split is not entered or equals zero, the commission will be paid to the Head Partner Group.
Automatic Commission Splitting
Automatic payee splits will apply a payee split based on the loan writer that the payee is linked to.
For example: A 100% upfront split will automatically apply to Payee "John Smiths Loans" for settlements lodged under loan writer CA12345 - John Smith.
To set up Automatic splits:
Refer to Manage Payees in the Commissions App.
Open the Payee by double clicking on the account.
Select "Automatically allocated for loans written by selected associate"
Enter the Splitting details & Link the Associate/ Loan writer
Splitting Templates
Splitting Templates allow an Admin Mercury user to apply common Commission Split quickly and easily. This is often used when splitting with the same Referrer and Broker on a regular basis.
For more information and guidance refer to Payee Splitting Templates.