Provider revenue statements

Provider revenue statements are files issued by product providers that contain transactions that contain details of advice fees or commission data related to products related to advisers and their clients.

Provider file formats

Provider revenue statements come in many different formats. Each provider tends to provide their data in their own proprietary format and often a single provider will have multiple formats reflecting revenue data coming from different business units within the same provider.

Feezily has been developed using our extremely advanced data translation and orchestration technology known as Filegroove. We even created our own special language that we use to "program" the Filegroove translator for each of the different file formats.

Feezily has now been configured to extract revenue data from more than 60 different types of file formats generated by most of the well known Australian product providers - if you find a file format that we don't yet cover then please send us a sample file and we'll do our best to incorporate it - normally within 1-2 business days.

Automatic provider and format detection

In the early days of Feezily whenever users uploaded a file they were required to specify the provider and provider format of that file.

However, we wanted to make Feezily the most easy to use revenue processing solution on the market and so we had an idea that it might be possible to remove these manual provider and format setting steps with the introduction of some clever AI into the core of Feezily.
 

As it turned out the idea worked perfectly: we now use pre trained machine learning technology to automatically detect both the provider and the format based on the content of the uploaded file - why make humans do something if a computer can do it for them?


So now, you only need to simply upload a revenue statement file and Feezily's expert AI will automatically detect the provider and format and then choose the appropriate translator/schema to process it, saving you time and making the process extremely easy - even for staff who have never performed revenue processing before.

Setting the batch

When uploading a provider revenue statement to be processed by Feezily you first should select the appropriate batch into which the want the processed revenue statement to be stored. This will typically be batch that corresponds to the period for which the revenue statement was generated e.g. October 2021.

See Statement batch selection for details on setting the current batch.

Uploading statement files

You have two options for uploading a revenue statement file:
  • Drag and drop the file
  • Use the Browse button to locate the file

Drag and drop the file into Feezily

To drag a file into Feezily:

  1. Drag the file from the file system into the drop area shown with the dotted border and release the mouse button.
  2. Click the "Upload" button to commence processing of your file

Processing of the file should commence and you will see the progress bar in the "Workflow panel" animating to indicate the various phases of the process.

Within a few seconds processing should complete. If successful you will see a large green tick in the "Workflow panel".

 

Use the browse button

The other option for uploading is to use the Browse button.
  1. Click on the 'Browse' button
  2. Select the file in your file system that you wish to upload then click Open.
  3. Click the "Upload" button to commence processing of your file

Processing of the file should commence and you will see the progress bar in the "Workflow panel" animating to indicate the various phases of the process.

Within a few seconds processing should complete. If successful you will see a large green tick in the "Workflow panel".

Trouble shooting

Occassionally Feezily will display an error after clicking on the 'Upload' button.
Typically a description of the error should help you resolve the issue but sometimes, in the case of a revenue statement format that Feezily has not yet encounted you should get in touch with us so that we can resolve the issue.

Password protected Excel files

You will get an error if you attempt to upload an Excel file that is password protected. Password protected Excel files are encrypted so it is impossible for Feezily to see the data inside them. You must first remove the password protection from the file, save it and then reupload it.

How to remove password protection from an Excel file

For desktop verisons of Excel
  1. Open the file, enter the password
  2. Go Tools > Options
  3. Click 'Security' tab
  4. Clear out any characters in the "Password to open" field
  5. Click Ok, save the document and close Excel.
Try opening the document again and you should see it open without requiring a password. You can now upload it to Feezily.

For Office 365 Excel
Following the instructions here for removing the password:
https://support.microsoft.com/en-us/office/change-or-remove-workbook-passwords

Try opening the document again and you should see it open without requiring a password. You can now upload it to Feezily.

Statement dates

Feezily supports two dates for each statement:
  • Processing date (or commonly called statement date)
  • Payment date - the date on which payment was received
There are a number of mechanisms for assigning these dates to any statement during processing.
For some practices are only one of these is important and so the same value can be set to both dates.

Statement date and period batches

Feezily displays the statement date and payment date in the list of statements in the main operations page.


Every statement is expected to be uploaded to the period in which its statement date falls otherwise a warning is displayed after uploading. For practices that prefer to ignore statement date and work only with a payment date then we simply configure Feezily to assign the statement date to the same as the payment date.

Deriving Dates

Feezily is able to cater for a wide variety of 'date' options to cover many scenarios and it is very flexible in how the Statement Date and Payment Date is derived for each statement.
 
We can configure Feezily to derive Statement Date and Payment date (independently) from a number of sources:
  1. Internal individual transaction dates in the revenue statement (if available)
  2. Internal statement dates in the revenue statement (if available)
  3. Date embedded within statement filename
Some clients wish to have a separate Statement Date and Payment date specified within the filename and so they embed both with the filename
 
e.g.
 
ABCADVISERS-HUB24-RawData-SR20-06-2021-BD30-06-2021-$2876.51.xlsx
 
While other clients, who only care about a statement date OR a payment date, embed a single date in the filename
 
e.g.
 
BTPano-BD01-04-2022-$3175.20.csv
 
BTPano-01-04-2022-$3175.20.csv
 
2023-11-05 ING 256.67.xls
 
Without any explicit configuration Feezily defaults to attempting to extract statement dates from the contents of the provider files and also sets the payment date to the statement date.

If you have a preferred filename convention for your revenue statements please let us know and we can configure your Feezily experience to assign dates according to your preferences.