Hope someone can help. I have been asked to sort out some bookkeeping for a client who has started a new business in debt collection. This works by people and /or companies hiring them to collect debts for them and on collection my client will charge a % of the money collected. My client will be hiring out the collections to a freelance collectors who will be paid a % commission upon collection. Am at a loss on how I could do this on a spreadsheet or maybe Sage software. Does anyone know of any software that could cope with this. Any ideas or suggestions, anything at all that could help.
Hi there
I have a loan collection agent and the company she collects for give her a statement of earnings every 5th April. She has weekly sheets, with lots of in and outs, but the commission sheet list her income
So firstly, check if the loan company provide the annual statement, and get a copy. You should be able to create an excel spreadsheet, that analyses the weekly sheets your loan collection should have.
As an example, my sheet contains the following headings. After a couple of years of balancing the commission to the statement, I just started taking the statement commission figure, happy that I understood that it was correct. I created the sheet by looking at the weekly sheet and figuring out how it all came together. It may be a bit of a "suck it and see" job for you.
Commission Over ride ABC Pot (positive and negative figures) Net FRC (this is the sum of the above) Other Due (this was her commission - the sum of net FRC and Other)
Collections Retained Cash Float Other Current Over c/f Total in (this is the sum of the above)
Cash Loans Banking Refunds Retained Other Over B/fwd Commission (this match the week before's commission) Total Out (the sum of the above and should match the sum of total in)
I am sure each loan company has their own sheets, but hopefully this will help some :)
-- Edited by FoxAccountancyServices on Saturday 17th of October 2015 05:34:28 PM
You're very welcome Sue. Do come back to me if you have any further questions. We can chat on the phone, if you get really stuck, but I am sure you will figure it out! :)
