Commissions & Adjustments
HandlingTaxable Brokerage Deductions for a Non-Taxable Agent
When an agent is set as Non-Taxable because they do not have a GST/HST number yet, there may still be brokerage deductions or other brokerage income that are taxable. In this case, the brokerage is responsible for reporting and remitting the ...
Agent Advances Tip Sheet
Agent advances can be handled in Loft47 using one of two methods depending on who provides the advance. Scenario 1: Advance is provided by a third-party advance company. Scenario 2: Advance is provided directly to the agent by the brokerage. Scenario ...
Adding New Commission and Deduction Adjustments for Agents
Commissions reward agents for their performance, while deductions account for adjustments, corrections, or agreed-upon reductions. Loft47 makes it easy to add new adjustments without changing past entries, so your records stay accurate and ...
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 ...
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 ...