Payable Summary Audit

The Payable Summary is generated and make available for you to review for both forecast and live bill instances. You will want to review this file to confirm that all of the account information is accurate and the values are as expected.

How to read the Payable Summary:

The spreadsheet will contain 14 rows by default although there could be additional row added to the end if your payout includes multiple individuals.

Columns:

• Client Name - Account name including the account type code.
• Mgmt Style - This will show the management style assigned to the account.
• Sub Advisor - This will show the sub advisor's name if applicable.
• Acct# - This will show the full Account Number.
• Pay Method - How the balance will be paid. Options include Direct, Indirect (if the account is paid for by another account within the household), Check, or No Fee
• Billed Value - Billed Market Value for the account.
• Net Fees - Balance due not including adjustments.
• Adjustments - Any one time or recurring debit/credits added to the account or household. For example, a one time referral credit or a recurring financial planning fee.
• Net Due - Total amount due. Net Fees (Column G)+ Adjustments (Column H)
• Days in Cycle - How many days the account was being managed. Values will be prorated based on an actual days in cycle (92/365).
• Fee Schedule - Assigned Fee Schedule name
• Pay Schedule - Assigned Payout Schedule name
• Rep - Value of the client Net Due amount that goes to the advisor based on the Payout Schedule.
• Rep Adj - The value of any adjustment amounts that should be added/subtracted from the advisor's portion of the balance due.

Rows:

Each household will be grouped together with the accounts split out over separate rows. Some accounts may have multiple rows if they are in tiered fee schedules or if they have cash flows that are being picked up in the invoice.

The rows will be summed by household and then you can also review the total sums for all clients at the bottom of the sheet.