Revenue and Brokerage Management - CommPay

Revenue and Brokerage Management - CommPay

CommPay Overview

CommPay is a system that processes revenues received, and is managed by Wealth Axis team. It enables you to view, report on, analyse, and download revenue received by your Practice. You also have the ability to map (or link) revenue data (referred to as "policies" in CommPay) to your XPLAN clients for disclosure on their FDSs.
  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)
Product providers (referred to as “suppliers” in CommPay) provide us with statements listing all revenue earned on each client’s policies for the payment period, which are uploaded into CommPay for processing. Once a supplier’s payment is processed and finalised by us, you are then able to view your clients’ CommPay revenue information in XPLAN.
 
 
CommPay can be accessed as follows:
  • For mapping, reporting and analysis, go to XPLAN > Administration Functions >CommPay
  • To view CommPay policies and transactions (or revenues) for the selected client,from the Client Menu go to Fees > CommPay.

 

Note:

  • If a client’s CommPay policies are not mapped to their XPLAN client record, the underlying revenues will not be disclosed on their Fee Disclosure Statement (FDS) when it is merged at the end of their service arrangement period.

  • Mapping of your clients’ datafeeds is a separate process to mapping their CommPay policies. When mapping a client’s datafeeds to their XPLAN client record, their CommPay policies are not automatically mapped at the same time (and vice versa).

  • It is good practice to regularly check if your clients have any unmapped CommPay policies. You may wish to create a Task to remind yourself to check this on the 8th of each month, at which time all revenue data for the previous month should be available in XPLAN. Any unmapped revenues should then be linked to clients before merging any FDSs that may be due, to ensure all revenues are correctly disclosed.

 

 

Matching Process

Understand how the CommPay Matching Process works.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Mapping CommPay Policies to Clients

Understand how to View, Map, and Troubleshoot CommPay policies to clients

Further information on Mapping CommPay Policies to Clients here

 

CommPay Policies Mapped to the Wrong Client

Has a CommPay policy been mapped to the wrong XPLAN client? Follow our practical guide on how to locate the XPLAN client to which the CommPay policy was incorrectly mapped to, so you can re-map it to the correct XPLAN client.

Further information on CommPay Policies Mapped to the Wrong Client here


Invoices

 For information on invoices click here

Lodgements

Learn the various ways you can lodge to CommPay.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Sep 28, 2017)
Further information on Lodgements click here

Adviser Functionality

To learn about Adviser Functionality click here

 

Dashboard and Accounts/Adviser

Learn about adviser functionality within XPLAN CommPay.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Estimates

Understand the CommPay Estimates screen.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Journals

Understand the CommPay Journals screen.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Mapping

Understand how to amend Access Levels.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Feb 18, 2018)

 

Pending Transactions

Understand the CommPay Pending Transactions screen.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Policies

Understand the CommPay Policies screen.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Practice Analysis

Understand the CommPay Practice Analysis screen.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

Reports

Understand how to generate CommPay reports.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)
For more information on reporting click here

 

Merge a Fee Disclosure Statement

Learn how to merge a Fee Disclosure Statement.

  • To view the IRESS Insights Video, please view the following link here. (Created by Anthony Derriscott on Jan 17, 2017)

 

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