Adjusting a transaction for bank or wire fees deducted from the commission deposit check
There are times when the Entity issuing commission funds will withhold a certain amount to cover bank, service or wire fees.
In order to record that amount:
1. You will want to ensure you record the correct amount of commissions on the commissions page.
2. Create a deduction (if you don't have one already) of the type "reduce AR" - this is a Deduction that reduces the expected funds to be received on a deal. The offset is ALWAYS defaulted to commission payable. For more information, check out our deductions 101 article here: https://support.loft47.com/portal/en/kb/articles/deductions101#Types_of_Deductions
3. Add this deduction on the deals deduction page and enter the amount of the bank/wire fee. Even though you are reducing the expected deposit amount you will want to enter a postiive number on this fee. Loft knows to reduce the expected amount.
In order to record that amount:
1. You will want to ensure you record the correct amount of commissions on the commissions page.
2. Create a deduction (if you don't have one already) of the type "reduce AR" - this is a Deduction that reduces the expected funds to be received on a deal. The offset is ALWAYS defaulted to commission payable. For more information, check out our deductions 101 article here: https://support.loft47.com/portal/en/kb/articles/deductions101#Types_of_Deductions
3. Add this deduction on the deals deduction page and enter the amount of the bank/wire fee. Even though you are reducing the expected deposit amount you will want to enter a postiive number on this fee. Loft knows to reduce the expected amount.
4. If the Brokerage would like to cover this amount for their Agent they can reduce their fees to the Agent by editing the active deductions or adding a new deduction for a negative amount. This will reduce the amount of income the Brokerage will receive.
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