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Pay Management fees

Management fees are fees paid to professionals entrusted with managing investments on a client's behalf. Typical management fees are taken as a percentage of the total assets under management or profit per period.

Note:
Management fees are normally calculated at the end of or for a defined period range. The only limitation is that you should not calculate Management fees for dates before the last calculation for instance if the last interest calculation date was "30 December 2022", you can only calculate Management fees after this date.

How to make payment for Management fees

To make payments for Management fees you go to Accounts/Pay Management fees and the following screen appears:

• Profits between: Indicate here the profit period that the management fees will be covering e.g."01/01/2022 and 31/12/2022" This period can be a specified financial period or a financial year.
• Management fees for the period (%): The management fees rate e.g. "10" % will automatically appear here. This rate in entered under System/Configuration/Accounting/ Accounts setting. The system will calculate management fees based on the rate provided and this will be read only.
• Withholding tax on management fees paid (%): The withholding tax percentage rate to be charged on the management fees e.g. "18" % will automatically appear here. This rate in entered under System/Configuration/Accounting/ Accounts setting.
• Last date management fees where calculated: The last date management fees were calculated e.g "31/12/2022" will automatically populate here as seen below.

The report details will look like one below:

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