Accounting & Workflow Best Practices
Nightly Export & Possible additional Reporting options
Loft's Nightly Export feature pulls all your Brokerage's data into one spreadsheet for your convenience. You can create additional reports using this spreadsheet or supplement it with other reports by pulling in the Nightly export data into an ...
Adjusting for bank or wire fees deducted from commission deposit
Sometimes, the entity issuing commission funds withholds an amount for bank, service, or wire fees. To record this: Ensure the full commission is recorded on the Commissions page. Create a “Reduce AR” deduction if one doesn’t exist. This reduces the ...
2021 FINTRAC UPDATE
As of 2021, the managing broker and the business now bear the risk of substantial fines if they fail to comply with five major requirements of the updated Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): Implementing a ...
Tracking who is paying commission - buyer / seller / combo of both
With the new rules around the settlement with NAR. Tracking who pays Commissions on Sales and Purchase is now something Brokerages are required to do. How to track in Loft Role Setup When you add in a new Deal people role, this will create another ...
Accounting Setup
When integrating your accounting software, click the links for each step in the process. Xero Setup your Xero Account Connect your Xero Account Setup & Map Xero Settings QuickBooks Online Setup your QuickBooks Online Account Connect your QuickBooks ...
Validating your Agents 1099/T4A's against their YTD totals
Validating your agent's ytd totals for reporting Depending on how you're reporting, see this article for more info on the various types of Income reporting available, you can validate your agent's income by comparing your Agent's profile YTD totals ...
Agent & Outside Brokerage auditing for tax reporting
Scouring through your Brokerage's people's page to check each agent, their organization, and Outside Brokerage profile(s) are up to date can be daunting. The easiest way is to head to Reports> Tax Returns Report, choose the year you're reporting ...
External Tax Filing
In Article Navigation can be found to the right of this article or via the buttons below US Client Filing Canadian Client Filing US Clients You can now download your tax returns to the following formats: excel, csv, and GoogleSheet. To file your ...
Preparing for Real Estate Commission Audit
Preparing for Real Estate Commission Audit There are a number of items that you can prepare to make an inspection or audit an enjoyable one. Below is a list of items that you can prepare: Have your bank reconciliations up to date for trust, ...
Best Practices for Month End Bank and Subledger Reconciliations
There are 4 steps to completing a month end review and bank reconciliation. Scroll to section 5 for Tips to troubleshoot differences. 1. Complete the bank reconciliation report in Xero. 2. Run the Subledger report in Loft. 3. Run a Balance Sheet ...
How Real Estate Transactions work and Understanding Accounting Entries
Real Estate 101 Loft is an accounting platform for Real Estate Brokerages that manages the sale of real property. Closing a transaction involves many parties, including buyers and sellers, Agents, Brokerages,Lawyers, Escrow and Title companies. The ...
Beginning Balance/Mid Year/Year End Commission & Deduction adjustments
When switching Back office software Mid year we require to add ytd adjustments for agents commissions, production and fee information in order to have accurate 1099 and T4A information. This is also the case for agent's switching from being payable ...