Deduction Templates
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 ...
Teams and Team Deductions
Creating a team Once team deductions are created as a Brokerage template, you can apply them to specific teams. Go ahead and create a team in the Brokerage Menu under 'Teams'. Click on the '+New' option to create a new team. Enter the primary Agent ...
Setting up & Managing Mentor Fees or other Payable type deductions
MENTOR FEE DEDUCTION Refers to fees paid to an internal (mentoring) agent, deducted from another agent’s commission. For mentor-type fees, select “Yes” if you are paying an in-house agent or broker. You can override any profile deduction to update ...
Adding Deduction Groups
You can package fees in a group to provide more flexibility for the Brokerage and simplicity for the Agents. In order to group the fees, head to the Brokerage menu / Deductions To create a group, click on any of the fees on this page. You can assign ...
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 ...