Applicable to version 1.9 and above
What is it?
As Australian Financial-Planners, each year you are required to notify your clients of the revenue that you have made from your advice services.
Our new FDS Wizard is a custom flow we have created to facilitate the creation of the Fee Disclosure Statement.
The File Action is linked to Revenue and Entitlements of your Client. Revenue has a look up to the File Action, however the Entitlements use a Joining Object called Performed Actions which have a tick box to say “Completed”, to indicate that the Entitlement was delivered during this period of disclosure.
The lookup of the File Action on the Revenue will help you to keep track of all fees and make sure the relevant ones have been disclosed.
Since there is no acknowledgement required from your client on the issuing of the FDS, you can create the File Action with the status set to Completed to log the action taken.
How to use it?
On the account we have created a button called New FDS.
Once the New FDS action is selected, the first page displays the service contracts available to you for the account you have chosen.
The second page will show a list of entitlements associated with the service contract you selected. Entitlements are held under the Service Contract Object. You can tick the entitlements to show that they have been delivered.
Once Entitlements are selected you will then proceed to a list of revenues associated with the account.
This list will show all revenues not currently linked to a file action. This is because each fee should be disclosed only once.
Once revenues have been selected and you click Next, you will be prompted with a message confirming the successful creation of a File Action.
As you can see the FDS Wizard creates a file action record related to the account you selected. It records the file action as Type: FDS, sets the date as today (the day you created the action), and set’s the file action status to Initiated.
On the related list of the File Action you will see the entitlements you selected under the custom object Disclosed Entitlements.
When you click on a listed entitlement, you will notice that on the details page the entitlement is ticked as completed and is now linked to the newly created file action.
On the related page of the file action page you can also see your list of selected revenues. These revenues are now linked to the newly created File Action. *It is important to note that once a revenue is linked to a File Action, it is no longer available on the revenues list when creating a new FDS.
You can then use this File Action record as the basis to generate a document using a 3rd party document generation tool such as Conga Composer or Drawloop.
Removing Service Contract and Entitlements Article:
How To Remove Service Contracts And Entitlements