Best Practices
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 ...
Accounting Entries for Other Income to the Brokerage
Record Brokerage Other Income Accounting Entries By default, Loft generates a single bill, as most users do not transfer funds between bank accounts. If you use a commission trust account and prefer to maintain a two-entry system to automate ...
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 ...