Step 1: Agent Expense Balances & Payments QuickBooks® must be open on your desktop.
- Before any transactions are closed and processed, you should update the Agent Expense Balances, through the Accounting Menu. Running this process ensures that Emphasys Back Office will display the most up-to-date agent billing balances, enabling you to deduct these balances from commission checks/ cheques as required. Alternatively, if you find it time consuming to Update Agent Expense Balances each time you process a transaction’s closing, the balances will automatically update for those Agents being paid on that particular transaction and reflect a real-time value.
- If any payments towards Agent invoices are being recorded in Emphasys Back Office instead of QuickBooks® then you will need to
“Update Agent Expense Payments” as well, please refer to the Accounting Menu for more detail.
- Once the process is complete, you will see a window indicating that the “Agent Balance Update process is finished”. Click “OK” to close the window.
- If you wish to validate the information has been integrated between the programs correctly, you can print/view the Agent Expense Report
from Reports / Accounting Reports. The amounts displayed on this report, should equal the “A/R Aging Summary” report in QuickBooks®.
Step 2: Always check the Transaction for accuracy, specifically the Interest calculation
The interest and its calculation details are entered on the deposit tab of a transaction. The Balance Due will be the interest paid to the Buyer when the closing of this transaction is processed. The Memo field is to be used to disclose the details of the deposit and its disbursement
The interest amount deposited to the Trust account must be manually entered in QuickBooks® upon notification from the bank. This deposit will create a DR entry to the Trust account. The disbursement of interest funds is initially processed in Emphasys Back Office and integrated to QuickBooks®.
If a deposit was entered correctly, we will also advise you prior to processing, by displaying the following error:
Step 3: Review Closing Report
In order to close a transaction, you will highlight the transaction from the Search table and click on the Close icon, located at the top right of your screen.
You will then be presented with a screen where you are forced to click on the Review button (all others are disabled at this time). If you wish to deduct an agent expense at this time, enter the value in the Agent Expense Payment Amount field. If you do not want to take a deduction from this particular transactions commission check/cheque, you can highlight the appropriate agents name in the table and enter “0” zero in the Agent Expense Payment Amount field.
Click on Review
- The Review Closing report is a printable document of all the funds as integrated to QuickBooks® when a transaction is closed and processed. The report includes deposits,checks/ cheques, withholdings, manager overrides, other fees, transaction fees, Agent expense deductions, advance repayments, journal entries and all relevant taxes.
- Ensuring the accuracy of this report is up to you. If there are discrepancies or missing values on this report – DO NOT process the closing. You will need to review the details of your data entry to ensure that all of the information has been entered correctly.
- We strongly recommend that you print a copy of this Report for each transaction before you close and process.
Once you have validated all of the amounts displayed on the Review Closing, you may now Process.
Please note that if there is interest to pay to the Buyer and a SIN/SSN is not attached to the specific resource, you will be presented with the warning below. Make your selection accordingly, keeping the following in mind:
YES – will create the interest check/cheque payable to the appropriate resource as displayed on the Review Closing
NO – will NOT create the interest check/cheque payable to the appropriate resource as displayed on the Review Closing
If you select NO, all values related to the interest will zero themselves out and you will need to manually issue a check/cheque from QuickBooks® directly.
For instances where there are two deposits, one with SIN/SSN and one without SIN/SSN the program will generate the interest check/cheque payable to the applicable resource for both deposits received.