Deduction Templates
Agent Advances
This article covers advances paid to your Agent by a third party company and advances provided directly to the Agent, by your Brokerage. To help your agents with cashflow, Loft47 has partnered with Liquid to offer low cost, automated agent advances. ...
Prorated Deduction Calculators
Here are a set of calculators for multiple tiered deductions that are set to prorate Based on 'This Deduction Year to Date' - open this spreadsheet and make a copy for your use ...
Deductions 101
Creating A Deduction Most deductions are straightforward and can be created by following the tooltips next to their corresponding fields. Important Tip when setting up a new Deduction Template! Deductions may be scoped according to whether the deal ...
Adjusting your Deductions for Tax Reporting
Determining How you will Report Whether you're reporting Gross, Full or Partial NET Commissions, you will have to adjust each deduction accordingly to how you will be reporting. Here's the definitions for all three ways to report: Gross Commissions ...
Tracking your payable deduction
Introduction: Payable Deductions are often setup 2 different ways; the first is setup to track and clear out your Commission Payable GL account, no taxes are applicable to this fee and you're not wanting to track this fee in your own GL account. The ...
Setting up & Managing Mentor Fees or other Payable type deductions
MENTOR FEE DEDUCTION Is defined as fees paid to an internal (or mentoring) Agent as a deduction generated from another Agents commissions. Previously Agent Payees created through deductions were not associated with an agent account. It's now an ...
Popular Articles
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 ...
RECA Trust payout for Outside Brokerages
The Real Estate Council of Alberta(RECA) may dictate Outside Brokerages to be paid in 2 steps and this article provides help on how to deal with this scenario in Loft. In this example the Brokerage holds $5,000.00 in Trust and will need to pay this ...
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. * Important, if you're backdating your partial ...
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 ...