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' https://docs.google.com/spreadsheets/d/1Xf381OAoAUUlR6c2PZdApxEiCNM8u7T_Jv3ddWRgN4g/edit?usp=sharing
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! It's important that whatever type you deduction you set ...
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 ...