Loft47 App FAQs
Payload Fee and Account FAQ
Q: When we get charged by Payload, can we pass that fee along to our agents? Yes. While Payload cannot automatically charge the fee back to agents, you can create a deduction in Loft (for example, "Payload Processing Fee") and set it to $1.50, or any ...
Manage the Full Lifecycle of Pre-Sale and Under-Construction Transactions in Loft47
Q: Can Loft47 support long-term presale or under-construction deals with multiple payout stages and receivables? A: Yes—Loft47 supports the full lifecycle of long-term presale and under-construction transactions. While it does not display multiple ...
Recovering an Overpayment from an Agent and Collecting via Payload
How to Recover an Overpayment from an Agent in Loft Overview If an agent has been overpaid (for example due to an incorrect commission split or missed deduction), you can correct the deal and recover the funds while keeping the adjustment hidden from ...
Unable to Remove a Deposit
If you're unable to remove a deposit that hasn't been paid or reconciled in a deal, it's often because the deposit was originally posted under a specific contact and later changed to an organization or a different contact, while the transaction ...
Nightly Export
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 ...
Loft47 Payments, Accounts Receivable and Balance Owing Policy
Thanks for being part of the Loft family! We appreciate your business Loft Technologies requires an active payment method on file to use the platform. Without an active payment method, you will not have access to your role's full functionality. ...
Conveyancing/Deal Administration & Communication In Loft
Many Loft users send Deal Instructions to outside parties such as cooperating brokerages, lawyers, and title companies. We provide both pre-designed Admin Reports (Commission Instruction Documents) and CDA (Commission Distribution Authorization ...
Interest-Bearing Trust Account Guide
Recording Interest Earned on Trust Deposits For brokerages that earn interest on deposits held in a trust account, there are two ways to handle and record the interest within a deal, depending on whether the interest is returned to the client or ...
Tax Prep Checklist
Navigating your tax forms, updating your agent’s contact information, isn’t rocket science but it can be overwhelming! Being well prepared is the difference between peace of mind or utter chaos! We’ve put together a checklist that will guide you ...
Updating the Legal Name field
!Please note, this field will be locked down September 30, 2023, preventing users from updating it further! Why the additional field? Over the years, we've noticed people change their Brokerage name to their Legal Business name so that their T4A's or ...
Acquiring a Brokerage that already uses Loft?
Here is a list of all the things to consider when merging a brokerage into another. All of this (except 1 item can be done by the user) However, we can assist you with this migration. The cost for Loft to assist is $75/hour Brokerage to Brokerage ...
NSF or Returned Checks
❓ FAQ: How do I handle bounced or NSF deposits in a Loft deal? If a deposit or cheque from an outside source bounces or is returned NSF, you should record it in Loft by following what actually happened at the bank. The rule is simple: Money received ...
SK tax in Loft47 - How to deal with List side deals
On List side deals in Saskatchewan the Listing brokerage is responsible for collecting the full amount of sales tax 11% which is made up of 6% PST and 5% GST. To enable this to happen in Loft47 the following steps must be taken IN LOFT 1. UPDATE ...
What accounting Software to integrate with? Xero VS QuickBooks Online Integration
In Article Navigation can be found to the right of this article or via the buttons below Pricing Contact Syncing Searching Transactions Auto Matching Transactions Sales Tax Posting Cheque/Check Customization Additional Training We integrate with both ...
Semi Annual Billing Review Process
? Brokerage Billing & Active Agent Counts Loft subscription fees are based on the number of Active Brokers and Agents in your brokerage. Admin accounts and office locations are unlimited and are not included in billing calculations. Please note that ...
Trouble receiving email from Loft47 or blacklisted email addresses
HOW TO SEARCH FOR OUR EMAIL IN GMAIL Let's make sure your email didn't hit the spam folder! In your search bar click the icon to bring up an advanced search search for 'notify@loft47.com' using these search filters below If found in your spam, please ...
Browsers - Which browser should I use for Loft?
Loft is optimized to work best with Chrome. To leverage all of the technical advantages and security patches, download Chrome from one of the links below: Download Chrome Now Download for phone or tablet Android iOS Download for another desktop OS ...
Popular Articles
How to Enter Commissions Correctly
How to use the Commission Page correctly Sales Price Use either the % or Flat Fee $ fields, if using the % fields, you can then use the Flat Fee/Bonus field to add an additional bonus No Sale Price Must use Flat Fee $ field Each Commission Side ...
Adjusting your tax settings
Adding/Updating Brokerage Tax ID Head to your Brokerage menu (the menu with the gear cog), click Edit Settings Add/update your Brokerage's Tax ID Turning on Tax Reporting In your Brokerage Menu>Settings, scroll down to the Allowable tax year field ...
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 ...
Partial Payout
To partially pay a deal, head to the payout commissions page and expand the line item to override the commissions and fees. Once you pay it out Loft will create a new payout line for the balance owing. If a payout exceeds the $75,000 Payload limit, ...
Other Income - Adding Non Commission Income to Agent and Brokerage Payments
If your agents or brokerage are receiving income that is not classified as commission you can add this additional income to the Other income section on your deal's allocation page Head to your deal's allocations page>navigate to the section called ...