1.13 End of Day Log Report

This topic provides information on End of Day log report details.

End of Day Log Report Description

The End of Day Log Report will print a Log of the EOD functions’ status.

Tax on Commissions

When you initiate commissions processing in the Broker Comm Payment screen, the commission that is due to each broker is computed as on the current date. For each individual broker, any applicable tax (as defined for the broker category in the WHT Details or the overridden tax percentage specified in the Broker Maintenance) is deducted from the accrued commissions, to arrive at the actual commissions that would be paid out.

Tax is computed based on the commissions earned in the current tax year, which you have defined in the Defaults Maintenance. It is also deducted individually for each broker, independent of the broker hierarchy.

For brokers for whom payments are to be held back (as designated in the Broker Maintenance), commissions earned are paid out only if the commission amounts exceed the tax liability for that period, and the ‘hold back’ option has been revoked.

Clearing of Payment Instruments

The payment of the commission accruing from a specific transaction is deferred till the payment instrument for the transaction is cleared. In the event of non-clearance of the payment instrument before the next commission payment date, the commission is processed and accrued, but the payment is deferred till the instrument is cleared. The accrued commission is paid out on the next commission payment date, provided the instrument is cleared.