RECORD KEEPING AND MONITORING OF OUTRIGHT COMMISSION

Memorandum Circular 2015 - 005

SUBJECT:     RECORD KEEPING AND MONITORING OF OUTRIGHT COMMISSION

Objectives:

1.   To streamline procedures and recording of outright commissions

2.  To minimize expenses and losses;

3.  To make zero disagreements regarding payment of outright commission

Background:

There are text messages and email reports regarding outright commission;   however the commissions payment are not properly recorded and reported.

There are huge outright commissions for GE and SSN sales;  the total com to be paid for the next 7 months will be in the order of P7 million and thus have to accurately monitored

WHAT:

Abstract for payment of outright commission:/TA

1. There will be a separate abstract for outright commission. The abstract will contain:

    1.  Name of customer

    2.  Amount of contract

    3.  Contract/control number

    4.  MA

    5.   SE name ID #

    6.   Rank (rate of com)

    7.  Outright com

    8.  TIN #

    9.  Transportation allowance (P25.00 for  amounts less than P1000, P50.00 for MA over P1000) when the account is past the com stage

    10.  Deposit slips that match the TCR

2.  The outright com voucher  (4 copies)

      1 copy sbu

      1  copy se

      1 copy  Treasury

      1  copy AP

     Contents

   1. Date

   2.   1 to 8 of the abstract

3.  Frequency

    Weekly abstracts of outright commission voucher shall be sent to 3ffb (we can have this computerized/file sharing too) WEEKLY 

   Strict compliance

4.  Other processes to be observed:

    1.  Only the SE can get the com or sign at the OCV;  no authorization allowed

    2.  As much as possible, the date of com disbursement must be made on the same date as the deposit of NCR has been made.

    3.  The OCV must be scanned emailed daily in batches.

    4.  If check payments were made by the customer, com will be disbursed only after clearing of the check (on the 3rd day after the clearing cut off time)

    5.  If past the com stage (say 8th MA), some SE may be recruited to be collecting agents and TA shall be paid accordingly.

        They should be trustworthy and honest.   They will be immediately disenfrachised for dishonest behavior

    6.  The Treasury Assistant and IF will scrutinize such abstracts (just like IF) and make a weekly report of such Outright Commission disbursement.

For compliance.  Open to suggestions and corrections though

      

Jorge  

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