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Hints and tips on how get the best out of MyGabriel

As a customer of MyGabriel, the software can save you many hours of chargeable time, however it requires that you spend a little time maintaining the system, so that when it comes to reporting time you do not have lots of tasks you need to cover.

The Support team see the following areas regularly being asked about:

Staff Register

MyGabriel Users occasionally forget to update the Current SPS start date so that it falls within the current period. Remember to change this, and be sure to include an entry for each investment advisor.

Commissions Passed On

For Commissions Passed On, headings should be used only if the revenue being passed on was earned (and recorded) as a commission (ie not a fee). The headings should also only be used if the recipient is a third party. Different headings are provided to permit split by product type. The data is used to calculate the Gross to Net Commission figures in Section B.

Section K Fees

Section K is built from transactions that fall within the categories of Investment or Life & Pension. Unfortunately, the heading naming convention is rather confusing for the user. Usually, Initial Fees should be recorded using the Lump Sump Heading where the fee is received in a single (Lump) payment. The Initial Fee heading is for use where the fee is received in several instalments and is rarely needed.

How do I get the best out of MyGabriel software

“Little and often” is the mantra we use when it comes to maximising any advantage MyGabriel can provide your firm.

Keep on top of the bookkeeping and record keeping, by dealing with it for an hour or so every week, and it will pay dividends at Gabriel reporting time.

If you feel you need some training on the system, get in touch with Shauna Dale (contact details below) and she can book you an online training session, that will greatly improve the benefit MyGabriel can bring you.

Call Shauna Dale on Direct Dial 0161 413 5054 or email support@mygabriel.co.uk if you have any further questions about this topic.

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