Profit Center allows you to segregate payments by account codes. Banking by Profit Center is an optional field. If populated in the Agreement Maintenance screen it will be utilized when applying debits/credits. Profit Center allows you to add and change profit center data such as banking and routing number information.
The Profit Center identifier is 4 to 10 digits and contains banking information for a firm (i.e. bank account number, routing number).
The Profit Center page only displays for those users who have administrative permissions. An office manager must send an email to Clearing Services to grant access to the Profit Center.
To access the Profit Center page, select Profit Center in the menu bar.
Other attributes of Profit Center:
- Online security access may be restricted by Profit Center.
- An Executing Firm can have multiple Profit Centers created for receiving payments.
- A Carrying Firm can have multiple Profit Centers created for sending payments.
- A Profit Center can be added at the agreement or account level. If a profit center is added at the account level, it will supersede profit center information at the agreement level.
- In the event that a Profit Center has insufficient funds, GPS will default to the U.S. clearing firm's bank account.
See the following topics for more information on using Profit Center.: