Embedded Files
To add a new Buyer's Premium formula click on the New Formula button in the top right corner.
This will display a list of Master Formulas that you can choose from. In our example we're going to add an existing Buyer Premium with the code of 10%.
Clicking the Add button will direct you back to your Formulas page. You should see the newly added Master Formula as part of your list.
To edit the formula click the Pencil Icon to the left of words Buyer Premium.
The first thing that you'll see on this Formula Details window will be the three descriptive fields.
Formula Code: This field can be edited as you wish. It is the unique identifier for each formula. No two formulas can have the same Formula Code.
Description: This field is used to state how this BP looks when you select it from your drop down menus throughout the system.
Settlement Description: This field is what will be stated on the buyer's settlement.
Underneath the descriptive section you will see the functional line item. This is what tells AF360 how to apply this buyer premium. The master formula that we chose is currently set to 10%. For our purposes we're going to change this to 18%. To edit the formula click the Pencil Icon.
Here we will want to change the Description field from 10% BP to 18% BP.
We will leave the Apply If field alone as well as the Account field.
The Calculation will need to be changed. To do so click the Pencil Icon next to Calculation.
Remove the 10% on the end of the formula by using the red X button.
Next click the Values button. This will display several editable fields. Enter your percentage into the Percentage field. Click the blue plus button next to the Percentage field to add it to your formula.
When finished click the Done button.
Your corrected buyer premium should now be displayed as a line item.
You can save this changed Formula by clicking the Save button at the bottom of the screen.
You can test your formula by clicking the Test Formula button.
This will display the Test Calculation window.
Here you will select a Clerk Status (Sold in most cases) as well as a Total Price.
Click the test button to run the formula.
Results should appear under the Total Price field. In our example it is displaying that we are obtaining $18.00 as Buyer Premium (Debit.) And the Buyer is being charged that same $18.00 (Credit.)
Once the test is operating correctly we can move onto creating a Tax Rate.
Create a Commission
Create Taxes
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