Deductions
Making Adjustments to Agent "Other Income"
When an Agent is paid from a third party, and the amount is not considered commission income, we offer the ability to create a line item called "Other Income". You can add an Other income item by clicking add and selecting the Agent or Brokerage from ...
Adjusting for bank or wire fees deducted from commission deposit
Sometimes, the entity issuing commission funds withholds an amount for bank, service, or wire fees. To record this: Ensure the full commission is recorded on the Commissions page. Create a “Reduce AR” deduction if one doesn’t exist. This reduces the ...
Agent Account Balances
If you routinely Invoice your Agents for expenses, Loft makes it easy to collect outstanding expenses within a deal. View Agents Account Balances Your Agents Balances can be viewed in two places. On their Profile In the Account Balances Section In a ...
Adding Referrals for Non-licensed Third Parties
If a referral is made to a third party that is not a licensed Agent or Brokerage you will be using the "Payable" deduction accessible through the deductions menu. Most users set this up as a payable type and name it "Third Party Referral". This will ...
Managing Deductions
How the deduction amount is calculated When a deal and/or agent matches a deduction's settings and the deduction is applied the amount will be calculated automatically. Let’s say we have a deduction with the amount based on the agent YTD commissions ...