The purpose of this article is to provide direction should you need to attach commission history from one agent to another (agent recently registered to transact as a Personal Real Estate Corporation) OR if you changed applications mid-calendar year. Navigate to the Summary Tab of Agent and select EDIT Expand … Continue reading
Correcting an Escrow / Trust Disbursement
There may be a time that the disbursement was made out to the wrong payee or for the wrong amount and a correction is required. You cannot reverse a disbursement in Commissions. To correct here are the steps: Delete or Void original check/cheque in QuickBooks ® Go back to the … Continue reading
How to Pay Excess Escrow/Trust Deposits To Another Resource
By design the system will default to paying the Seller (or first Seller listed if more than one) any excess escrow/trust deposit being held. However, there may be instances where you receive instruction to disburse this amount to the Attorney or Title Company. To make that change, on the Deposits … Continue reading
Personal Real Estate Corporation
On October 1st, 2020, the Provincial government implemented new rules in Ontario allowing Realtors® to form a Personal Real Estate Corporation (PREC). PREC’s allow Realtors® to access the business advantages of incorporation, including tax and income planning benefits. The Ontario Real Estate Association (OREA) has created a website with resources … Continue reading
Closing a Transaction
Before you select “Close Deal” icon, we encourage you to double check the transaction for accuracy, including any interest calculations and ensure you are logged into QuickBooks®. Interest and its calculation details can be found via Deposit tab / Interest panel of transaction. The Balance Due will be the interest … Continue reading
Users/Passwords with Permissions and Access
Setup / Users/Passwords To add a new user, select New icon, enter User Name and then select the Reset Password button. Leave Current Password field blank, type the new password in the New Password and Confirm New Password field and select Reset Password button. Close the window. The Set Program … Continue reading
Custom Tab on Transaction
Once you expand the Transaction tabs, you will see the Custom tab. This is where you will enter data specific to your Brokerages requirements such as PID/Roll Number, Registration date, etc. to populate reports such as the Other Trade Record Sheet (Other) or Conveyancer Instruction report. This data will also … Continue reading
Commission Plans
A commission plan is the Agreement between the Brokerage and Agent. Every Brokerage knows exactly what they need to make from each Agent to stay in business, however commission plans differ from Brokerage to Brokerage. Select Commissions on the left sidebar; then select NEW icon at top right of window. … Continue reading
Entering a Bonus (Manager Override & Recruiting Bonus)
The Bonus (Manager Overrides & Recruiting Bonus) tab of the Agent profile allows you to assign a bonus to a “Manager” as a recruiting or other type of payment on a per transaction basis. These payments are NOT subject an assigned commission plan and will be reported as “Other Income” … Continue reading
Voiding a Transaction (Back Office)
Voiding a transaction should only be performed when a deal has fallen through and/or in the event a transaction has been entered in error (as a duplicate, for example). Once a transaction is voided, the Status will be changed to V Voiding a Transaction without Trust Deposit Select the transaction … Continue reading