Agent Basics
Handling GST Withholding for Agents Without a GST Number
How to Handle GST Withholding for Agents Without a GST Number Before making any changes, please confirm how you would like to handle agents who do not have a GST number. Please consult your accountant before withholding an agent’s GST/tax portion, ...
Viewing Agent GST on Commission
Agents can view their GST information via their profile. Simply filter to the required dates to see Commissions Tax, Tax on Deductions & the Net Tax. The Agent Detailed Earnings Report also provides a comprehensive breakdown of an agent’s earnings, ...
Reviewing Your Year-To-Dates
To see your YTDs click My Profile in the menu on the left. Financial Summary: Scroll down to the Financial section of your profile and click the dropdown arrow to expand it. The date range defaults to your anniversary year. To view other periods ...
Agent Pay History Report
You can export their own commission reporting from your My Profile>Performance Report menu and download to your preferred spreadsheet file
Agent 1099 & T4A
Once your brokerage administrator has enabled the current year tax reporting, agents can access their 1099 / T4A directly in their Loft47 profile. To find it, log in at app.loft47.com and go to My Profile. Scroll down to the Tax Return section, ...
Reviewing Your Paid and Pending Paystubs
To view your paystubs for any of your deals click Deals in the menu on the left. Once you've selected a deal to view, click ‘Paystubs’ under the deal number (eg. Deal #3-2021-0021) in the menu on the left. You should now see all of your pending and ...
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 ...