Overview
Commission is earned when the bond registers at the deeds office — not when a bank approves it. Everything above that line is pipeline, not revenue.
Where the money is
Nothing below is recognised until it registersHow old the debt is
Since registrationOwed by each bank
Due from banks
Every bond that has registered and not yet been paid for. Expected amounts are computed from the registered bond and the rate in that bank's agreement — never from what the bank says it will pay.
Outstanding
Thirty-eight days is the number to manage
Registration to payment averages 38 days across the panel, and two accounts here are past ninety. That gap is funded out of your own pocket — consultants, rent and marketing are all paid long before the bank pays you. Chasing commission is not admin; it is cash flow.
Reconciliation
Every payment matched back to the deal it belongs to. Banks calculate commission off their own records, and their records are not always right.
Payments received
What you owe out
Commission arrives gross. Most of it belongs to somebody else.
Split per registered deal
Agent 50% of gross · consultant 10%Payable to referring agents
Pay agents on receipt, never on registration
If you pay the agent when the bond registers you are funding their share for the 38 days before the bank pays you — and if the bank short-pays or claws back, you have already paid out on money you never received. Make the agent agreement say payable within seven days of the bank settling, and the ledger enforces it.
Rates & agreements
Two completely separate things: what each bank pays you, and what you pay each agency. Neither has anything to do with the other. Change any figure below and the whole ledger recalculates.
What the banks pay us
From each accreditation agreementWhat we pay the agencies
Negotiated per agencyDeals on a special rate
Overrides beat the agreementTry it
Proves history cannot moveGive FNB a better rate from today. Every FNB deal in this ledger registered before today, so not one of them should change — only deals registering from now on.
How a rate is decided, in order
1. The deal. If this deal has its own rate, that wins — a negotiated one-off, a capped large bond, a referral you only half-sourced.
2. The agreement. Otherwise the rate in that bank's or that agency's agreement.
3. The default. Only if neither exists.
Every figure in this ledger shows which of the three it came from, so nobody has to wonder why one deal calculated differently from another.
Rates must be dated, and a registered deal keeps the rate it was written under
When a bank improves your rate on volume, or an agency renegotiates, the change applies from a date — it does not reach back and restate deals that already registered. Store an effective date on every rate and resolve it as at the registration date, never as at today. Get this wrong and last year's numbers change every time somebody edits a rate.
Prototype. Deals, payments and rates are simulated. Commission rates differ by bank and by volume agreement; VAT is shown at 15% on the assumption the brokerage is a registered vendor. Clawback terms — where a bank reverses commission if a bond cancels within a set period — are not modelled here and must be read out of each bank agreement.