As part of the agreement with Singenuity, all clients act as trustees for the processing fees that are collected from customers during transactions; temporarily holding those funds until the next collection cycle withdrawal date. The processing fee is assessed on all non cancelled activities and occasionally on other items identified as warranting the fee. Singenuity does not collect any processing fees on cancelled activities or other items that are refunded.
Important Collection Days
The collection cycle runs for 14 days; starting on and including Sunday, through 2 weeks to end on and include Saturday.
August 4th through August 17th in the example below.
All activities must have the appropriate status prior to the first Wednesday following the collection cycle.
August 21st in the example below.
The account withdrawal of entrusted fees occurs on the first Thursday following the collection cycle. Holiday exceptions may apply.
August 22nd in the example below.
Processing Fee Report / Tax Summary Report
The total processing fee that is expected to be withdrawn can be found in the Tax Summary report in:
https://manage.singenuity.com
Once logged in as a Manager or higher, the report is found under:
Reports -> Sales -> Tax Summary
Be sure to:
Set the date range to the collection window dates.
Set the filter to By Appointment Date
Then run the report to get something similar to the example below. In this example, for this collection cycle, a withdrawal of $29.75 should be expected.
This is calculated by multiplying the "Net Taxable Sales" amount by the Singenuity fee percentage as outlined in your servicing agreement. The Processing Fee listed in the report is based on the value set in Manage and may not be the same as the contract. In this example, $595.00 * 5% = $29.75.
