Payout Commission
Changing a post date
Sometimes you will need to change the payout date of a deal, to do that, head to the payout commission page> expand the Agent's payout section by clicking the dropdown arrow Once the section is expanded, update the post date to your desired date Pay ...
Setting a payout as Not Payable
Some brokerages have a Title Company payout (or payout other parties) on a deal. How is this handled in a deal? There's a couple of scenarios for this process. Scenario 1 - Your agent was paid at the table by the Title company. - Enter your deal as ...
Adjusting a deal if an Agent has been overpaid or underpaid commissions
Sometimes a deal needs to be adjusted after an agent has already been paid due to updated information. In these cases, you don’t need to reverse and repost the original transactions. Instead, Loft allows you to quickly update allocations or ...
Making changes to commissions or deductions after the payout to the agents
In this sample deal, the transaction is closed and payments have been made out of Xero or QBO. Scenario 1: Adjusting an Agent Overpayment (via Deductions) To correct an overpayment, you can either adjust the original commission and allocations ...
Reversing Agent Payouts
IMPORTANT, please read! Fixing deals is usually straightforward, but there are a few key things to keep in mind: Always follow what has already been posted to the bank. If you update a deal after funds have cleared, it may cause reconciliation ...
End-to-end Payouts
In Article Navigation can be found to the right of this article or via the buttons below Prerequisites Steps to payout Prerequisites You must be logged in as an admin/broker Steps to payout Navigate to the Deal, enter/update details in your Detail ...
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, ...
Paying Out a Deal
Paying Out a Deal to Your Agent All internal agents and brokers must be paid out on every deal, even if the payout is $0. This ensures that all deductions tied to the agent are properly recorded. Unpaid deals will not post deductions to your ...
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 ...