Entering a Transaction

Once the user has logged in to Emphasys Back Office, the program will default to the Transaction screen, Search mode.

The data entry sequence for a transaction follow the basic principles of left to right and top to bottom for tabbing.

 

Also, please note that once you click on the save button no matter where you are in the program, you will be returned to the Search screen (the main screen) when you first log into Emphasys Back Office.

The Main Tab of the Transaction

To enter a transaction, click the New Icon . The mandatory fields are flagged with an asterisk (*).  If you have set up your Company Profile to automatically assign transaction numbers, the next sequential number will appear in the Trans. No. field at the top left corner once you have clicked CONTINUE on the main tab of the transaction.  This way, if you do not have enough time to complete your data entry before the mandatory fields are entered, you will not loose the transaction number.  If your Company Profile is set up so that the user has to assign transaction numbers, click in the Trans No. field and enter the desired number.  This is a maximum 8 digit numeric ONLY field.  If this transaction number has already been assigned to a transaction, you will get the following warning.

The CLONE icon   will clone the following details of the transaction; Address, Seller and Seller’s Attorney only.

In the Effective Date field, select the effective date of the transaction (written date, contract date and/or confirmation of representation).  This date will be used to auto-populate the Firm date of the transaction in absence of any conditions attached to the transaction. If the transaction is conditional, the date of the last conditional expiry will auto-populate the Firm date of the transaction, until such time that all conditions have been MET and the Firm date will then become the date as selected by the user.

In the Close Date field, enter the closing date of the transaction.

The Status field, will automatically flag as open.

Processed Date – this field auto populates when a transaction has closed and the integration to QuickBooks® has occurred, it is a way for a user who does not have access to QuickBooks® to know what date the appropriate checks/cheques, deposits, journal entries and payments on account have been processed.  

Once you have entered the required fields, you may click on Continue to complete the rest of your data entry, including conditions, Sellers, Buyers, etc.

  • If Selling Side is selected, then the Selling Broker information will populate both the Commission and Deposit tabs accordingly
  • If Buying Side is selected, then the Buying Broker information will populate both the Commission and Deposit tabs accordingly
  • If Both Sides is selected, then both the Selling and Buying Broker information will populate both the Commission and Deposit tabs accordingly

 

If the transaction is Conditional, select ‘N: Not Firm’ in the Firm field, this will now enable entry of all conditions, including their related expiry date by clicking on the “Cond” button.  If the transaction is not conditional, select ‘Y: Firm’ in the Firm field.  You should ensure that the date displayed here is correct as any commission plans that use a calculation for Firm dates will be affected by this field.

 

Additional Notes for Entering Transactions with Multiple Conditions

  • When new conditions are added and/or existing conditions are edited, system will ensure that the Firm date will inherit the latest of the conditional expiry dates
  • ‘Cond‘ drop down will display a list of all active conditions related to the transaction
  • Type of condition is derived from the conditions table via File Maintenance / Table Lookups / Trade Codes / Conditions
  • Conditional expiry time will be midnight of that same day
  • User can perform the following Condition processing: NEW, EDIT, SAVE, CANCEL and DELETE

 

NEW will allow you to enter any new conditions

  1. EDIT will enable user to change/modify an existing condition
  2. SAVE will save the new condition entered
  3. CANCEL will cancel the information that you have started to enter and restore the condition form to the way it was before you started to add/edit
  4. DELETE will allow the removal of a condition that was entered in error

 

  • Transaction # will auto-default
  • Condition – select via drop down
  • Description – enter any other required information that you may need relating to this condition  Expire Date – select the appropriate date of the condition’s expiry
  • Met – N:Not Met or Y:Met
  • When condition is flagged as met (Y:Met) the date will default to today’s date, with the ability to change date condition met to a prior date, if required. Flagging the condition as met, will NOT automatically cause the transaction to flag as Firm
  • When the last outstanding condition has been met, you will be prompted, “All conditions are now met, would you like to Mark this deal as Firm now?”. By selecting “YES”, you will be able to select the appropriate firm date. By selecting “NO”, you will be returned to the transaction to mark the deal firm at a later date and/or time.
  • If there are outstanding conditions, you will be prompted, “Unmet conditions listed below will be marked MET. To continue select YES.”  You will be presented with a System Confirmation window, where you can select the appropriate Firm date.  “To process unmet conditions later select NO to cancel.”
  • The Start of Day report has been enhanced to provide details of all conditions expiring within the period specified
  • We have also added a way to search/filter for those conditional transactions via the Advanced Search window.
  •  

    The Main Tab of the Transaction (continued)

    If the transaction is one of your listings and you are using Commander Front Office, click the Look Up button and you will be presented with a list of your office’s listings.  Highlight the desired listing and click OK. The main information (street number, street name, city, province, postal/zip code, MLS number, Legal Description and the Seller’s contact information including their name, address and contact number) will populate the transaction.  The integration with Commander Front Office will also populate the sale price of the sold listing, if applicable.  If this is not one of your company’s listings, leave the Listing field blank and enter the address and MLS number manually.

     

    1. MLS No. – information entered here will display on all formats of the Transaction Record Sheet 2. In the Trans Type field, select transaction type from the drop down menu.

     

     

    Entering the Seller’s Information 

     

    Click the new to the left of the Seller Name.

  • In the Look Up field start typing the name of the Seller and double click on the name to add it to the transaction.  If you do not find the Seller’s name, click the New icon to add the Seller’s name to the resource screen.  The mandatory fields are flagged with an asterisk (*). Click the Save Icon, then the Okay when complete. To add the seller to the transaction click the OK icon
  • The Letter field defaults to the letter that you selected in the Company Profile.  Follow the same steps to find/add the Seller’s Attorney.

     

    If you wish to track any information pertaining to your Seller, you can click on the Demographics tab and select the appropriate information from the drop down menu.

  • Entering the Buyer’s Information

     

    Click the New Icon below the Buyer Name and enter the information as detailed above.   Please note that if there is no value entered in this field when generating an interest Check/cheque for the Buyer, you will be prompted when closing if you still wish to issue the interest or not.

     

    If you have edited, added or modified any information pertaining to a transaction and the program does not accept your changes immediately, you will need to click on the “Refresh” button at the top of the transaction screen.

     

    As you user, you now have the option to delete both Seller and/or Buyer and their respective attorneys at the same time or by clicking on the delete button to the left of the Seller and Attorney on the Basic Info tab you can delete one at a time.  When a new Seller/Buyer is entered, the corresponding information relating to the Commission Receivable and Commission Payable will auto-populate accordingly.

  • Commission Tab

    Selling Price – enter the selling price of the transaction.

     

    Comm Rule – select the commission rule from the Look Up Icon, if it is a new rule, you can enter it by selecting New from the commission rule maintenance screen.  The commission amount will be automatically calculated and entered in the Comm. Amt field.  If you wish to override the value calculated by the system, place a check mark in the box preceding the “Ov” box, this will now allow you to enter the gross commission amount that your office is expecting.  Any applicable tax on the commission amount will be calculated by the system and entered in the Tax field.  This amount can be overridden in the same way as noted above.

     

    The table portion of the Commission screen contains information about the selling agent, buying agent and any referrals payable on the transaction.

     

     

    Selecting the Selling Agent for a Transaction

     

    The program defaults this end to your company.  Click on the Look Up button to select the Selling Broker, if other.  If this is your sale and you are tracking your transactions by branch location, you must also select the appropriate branch from the second Look up.

  • Click on the New Icon  underneath the SELLING label to enter an Agent.

     

    Fill out the information in the Agent Detail screen.  The Transaction # is auto-generated.  The Primary Agent should always be selected first, the table will not display this information, but it will affect the reports that you generate.  This screen can be edited at any time, by clicking on the Edit button at the top of your screen.

     

    Select the Agent from Agent Name Look Up.  Click on the New Icon to add a name if does not exist in the database and complete the required fields.  Save the information and click OK to exit the Agent Details pop up screen.

    The second lookup is for the Branch Location, type in the first numeric character of the branch location and it will auto-populate with the appropriate branch location ID for this agent.  If there are multiple branch locations with the same starting digit, then you may select the correct location via the drop down.  This field only applies to offices with more than one location.  Please note that branch locations must be created before they can be used on this screen (Set Up / Offices).

     

    If you want this transaction to be credited to a different branch that the agent currently belongs to, you would click on the Branch Location lookup and select the appropriate branch.

  • If you do not want this transaction to be counted towards the Commission History for the Agent, you would place a checkmark in the appropriately labelled box.

     

    If you want to Override the Commission Plan for this particular transaction, place a checkmark in the appropriately labelled box, the Commission Plan look up will become enabled and you can select and/or create a new one for this transaction ONLY.

  • Gross; is the total Agent amount which is directly proportionate to the total commission amount on the side. The gross include Agent’s transaction fee, Agent’s referral fee, all other fees, and Agent’s net commission and broker portion. 

    Transaction Fee; is the total Agent amount which is directly proportionate to the total transaction fee for that end of a transaction. Referral; is the total Agent amount which is directly proportionate to the total referral fee for that end of a transaction.

    Adjusted Gross; is the Agent’s gross amount less all “off the top” deductions; transaction fees, referrals and other fee values, and before split by Agent and broker portion.

    Agent Portion; is the Agent’s gross amount less all “off the top” deductions; transaction fees, referrals and other fee values.

    Broker Commission; is the sum of Broker Portion + Broker Flat.

    Broker Portion; is the Agent’s gross percentage amount less all “off the top” deductions; transaction fees, referrals and other fee values

    Broker Flat: is the Agent’s gross flat fee amount less all “off the top” deductions; transaction fees, referrals and other fee values Other Fee 1-6; is the total Agent amount which is directly proportionate to the total other fee amounts for that end of a transaction.

    Please note that you are not able to override the tax portion of Other Fees 1-6.  The tax amounts for each of these Other Fees is included in the tax portion of the Broker Portion and/or the Broker Flat; their cumulative tax amounts display in the Broker Commission tax amount.

    Manager Override; is the total Manager Override for all Agents on the transaction.  You can view more detail simply by clicking on the Manager Overrides button.

  • Withhold 1-3; is the total Withholdings for this Agent on the transaction.

     

    Any and all of these values can be overwritten by placing checkmark in appropriate checkbox, once a field is overwritten all other values will recalculate accordingly.  Please remember that total commission receivable must equal total commission paid.

     

    Percent of End: represents the portion of commission s/he will be collecting from the entire 100% of commission.  This value will automatically change if one of the overrides that you have selected above, is an arbitrary amount (for example, a flat $250.00 fee for selling one’s own house).

     

    You will notice that the total gross commission amounts pertaining to this end of the transaction will be displayed in the boxes to the very right of the Selling portion section of this screen.  These amounts can be overridden by placing a check mark in the appropriate box.

     

     

    Selecting the Buying Agent for a Transaction

     

    The program defaults this end to your company.  Click on the Look Up Icon to select the Buying Broker, if other.  If this is your sale and you are tracking your transactions by branch location, also select the appropriate branch from the second Look up.

  • Click on the New icon underneath the BUYING label to enter an Agent.

    Follow the same steps as documented above for the Selling side of the transaction.

    If your office tracks specific details regarding the external agent, you can now link the external agent to link them to the External Broker via a lookup on the Resources – External Agent window.  External Agent associated to transaction will display on all formats of the Transaction Record Sheet.

  • Deleting An Agent from a Transaction

    From the commission tab of the transaction, click on Edit.  Highlight Agent’s name and click on the delete icon.  A warning will pop up:  “This action will remove the selected record permanently and it can not be recovered.  Do you wish to proceed?”  If you select “YES”, the Agent will be removed from that end of the transaction.

  • Entering Referrals for a Transaction

     

    Click on the Referral Node, when in the Edit mode.  As with adding an agent to a transaction here you will click the New icon to open the Referral screen.

  • The Resource code defaults to B:Broker, as this is the norm, but you can select a resource that would incorporate a Buyer’s rebate if you choose.  Select the name from the list displayed.  If the name is missing from the database, click on the New button and complete the required fields.

     

    In the Percent field, enter the percent (if applicable) of the gross commission for that end of the transaction.

     

    Select whether the referral is to be applied to the Selling side only (this is the default), the Buying side only, or both sides, Dual.  If the referral is a flat amount (ex. not a percentage), enter ‘0.00’ in the Percent field and flag the Override box.  Enter the referral amount manually.  Please ensure that the referral is not attached to the Buying end of a transaction unless your brokerage is representing both ends of the transaction.  If you do, you will be prompted to review your data entry.

     

    You also have the option to override the tax amount, which is extremely useful for a Buyer’s rebate.  Leave the Include in Gross field as the default value.  Click the OK button to save the referral.

     

    If the option selected is “Dual” and the referral is a flat amount (not a percentage), Commander Back Office will split the referral equally between the Selling and Buying side ends for a total overwritten amount, rather than the Selling percent and Buying percent of ends.

     

    Referral fees are normally split between the number of agents on an end.  This means if Agent A is splitting this transaction with Agent B, then the referral fees will be directly proportional to the percent of end assigned to both Agent A and Agent B.

     

    If a referral is being paid by only Agent A, then you will need to manipulate the Referral fees for all agents on an end by overriding the values on each of the Agent’s Detail window on the Comm tab of the transaction.  Please remember that the referral calculation will always validate to the actual referral amounts attached to the transaction.

  •  

    The Deposit Tab of the Transaction

    Highlight the transaction, click on the Edit button followed by the Deposit Tab.

  • To add a deposit to this transaction select the Escrow/ Trust icon.
  • Action – select Deposit / Disburse / Issue Term Deposit/GIC, Redeem Term Deposit/GIC or Reverse, Commander Back Office will apply the appropriate logic based on the option selected.

     

    When the action of Reverse is selected and saved, user will be presented with the following warning.  By selecting OK, all related journal entries will post to Accounting to zero out the original deposit, including any interest attached.  Cancel will not allow this deposit to be reversed.  Real Estate Trust Deposit Reversals should use the same date as the original deposit.

     

     

    Note: When reversing a deposit that has a Term Deposit select Reverse and Commander Back Office will zero out the original deposit and will apply the appropriate general entries to reverse the term deposit.

  • SIN/SSN – this value will auto-populate with number entered on the Buyer’s (or applicable) resource.  If no value has been entered, you will be reminded upon closing the transaction to disburse the interest earned or not.

     

    Commander Back Office will auto-flag all deposits with the “Interest Bearing Acct” checkbox to enable the interest related section, please ensure

  • that you leave this flag as is. This will ensure that if interest needs to be added at a later date, you will be able to do so. If you remove this checkbox you will be unable to attach interest to this deposit. The “Term Deposit/GIC” checkbox will automatically place this deposit into the Real Estate Trust bank account, then create the appropriate journal entries.  These 2 check boxes are mutually exclusive from one another.

     

    Resource and the Trans No fields will auto-populate with the information from the main tab of the transaction or user can change if required.

     

    Deposit Date – select the date that this check/cheque will be deposited to your real estate trust account.  It is imperative that you enter the correct date here, as Commander Back Office will send this deposit to QuickBooks® for you and it will make bank reconciliations a little easier.

     

    Branch Location – if you have multiple branches, select the correct branch that is affiliated with this deposit.

     

    Term/GIC Reference # – if this deposit is being deposited to a Term Deposit/G.I.C., you MUST enter the appropriate certificate number

     

    Amount – enter the amount of the deposit (only what you have actually received)

     

    Address – the address of the property will be populated for you

     

    Description – enter the type of deposit that you have received. (Ex. Initial deposit, additional deposit, check/cheque ret’d: non-sufficient funds, transfer to GIC, etc.)

     

    Full/Partial – make appropriate selection as required

     

    Post Deposit to Accting – The default is to always post (checkmark flags that posting is initiated), however if you are already using QuickBooks® and your deposits have been entered prior to conversion from another transaction management system, you have the option to not send the deposit to QuickBooks®.  This option will overwrite whatever criteria you have selected in the Company Profile.

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    Post Immediately – by placing a checkmark in this box, it will send the deposit directly to QuickBooks® (as long as it is launched on your desktop), rather than integrating through Accounting / Update Real Estate Trust Accounts option.  

     

    If you wish to assign an Interest Rule to this deposit, click on the Interest Rule lookup, make your selections as required and all values will autopopulate this field based on the Interest Rule you have already created via the Set up menu

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    Controlling Side Logic

    On the main tab of the transaction, if Controlling Side is checked, Emphasys Back Office will allow you to do the following on the Deposit tab of the transaction:

     

    • To select a resource (via resource lookup) for commission receivable, if other resource than the Seller. By default this field will autopopulate to Seller(s). Upon closing, Emphasys Back Office will use the resource selected for commission receivable deposit.
    • To select a resource (via resource lookup) for commission payable, if other resource than the Seller. By default, this field will autopopulate to Seller(s). Upon closing, Emphasys Back Office will use the resource selected to generate a check/cheque for the over deposit  User can override both of the options described above prior to closing if required.
    • Additional Notes Regarding Interest Deposits:
      • Maturity date will default to the closing date and can be overwritten by user as required
      • Once the Interest Rule has been assigned to deposit, user may override the following information prior to closing: a) Interest Rate Paid
        1. Process fee amount
        2. Maturity Date
        3. Interest Rate Earned cannot be overwritten. If the rate changes, new rate must be changed through File Maintenance / Interest Rules, otherwise, you will be unable to track the different interest rates during different periods of time should it be required.
      • User will click on “Calculate” button and Commander Back Office will calculate expected Interest Earned dollar amount, Interest Paid dollar amount, Interest Retained dollar amount and Processing Fee dollar amount of the deposit will be displayed. Leap year calculations will apply if option in company profile configuration is defined as noted above.
      • User may override interest earned amount, interest paid amount by flagging the override check boxes  Validation logic has been implemented to ensure all figures balance before saving.
      • User may override total Interest Earned dollar amount, total Interest Paid dollar amount and total Process Fee dollar amount by flagging the appropriate override check boxes.
      • User will save the deposit
      • Interest section of the transaction deposit tab will display sum of all the deposit interest. All related accounting entries will be generated and saved to the database

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