Best Practices
Preparing for Real Estate Commission Audit
? Audits don’t have to be stressful—just stay organized and you’ll be fine. Here’s a quick, easy checklist to get ready: ? 1. Keep your accounts up to date Make sure trust, commission trust, and general accounts are all reconciled Even though trust ...
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
Depending on your brokerage’s reporting setup, there are different methods used to calculate and report agent income. You can validate an agent’s Year-to-Date (YTD) totals by comparing the totals shown on the agent’s profile against their T4A or 1099 ...
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 ...
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 ...
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 ...