How to Enter or Modify a Commission Advance

How to Enter a Commission Advance

From the Deal Menu Click on the Request Advance

• Enter The Deal # or Reference #   
• Select the Agent
• Leave the Status as Pending
• Choose Financer
• Choose Vendor Account
• Choose the Correct Date
• In the Grid the Requested Amount will Default to the available amount.
• If an agent wants more the than the available amount you must adjust the Agent deduction rules

1. The Button that Brings up the Deduction Rule Maintenance is at the bottom of the Grid Next to the VCR Button
2. Click the Deduction rule Maintenance Button and adjust the Rules until the amount available equals the amount request.
3. An agent cannot request more than the Subtotal Commissions.

• If an Agent Wants to advance less than the available amount, you can simply reduce the amount in the Requested Amount field.
• Once all details on the form are correct, click save.

OR

 

Open up the deal you are wanting an Advance on

Go to the Commissions Payable tab --> Right click on the Agents line --> Commission Advance

• Enter The Deal # or Reference #   
• Select the Agent
• Leave the Status as Pending
• Choose Financer
• Choose Vendor Account
• Choose the Correct Date
• In the Grid the Requested Amount will Default to the available amount.
• If an agent wants more the than the available amount you must adjust the Agent deduction rules

1. The Button that Brings up the Deduction Rule Maintenance is at the bottom of the Grid Next to the VCR Button
2. Click the Deduction rule Maintenance Button and adjust the Rules until the amount available equals the amount request.
3. An agent cannot request more than the Subtotal Commissions.

• If an Agent Wants to advance less than the available amount, you can simply reduce the amount in the Requested Amount field.
• Once all details on the form are correct, click save.

 

If the Commission Advance is financed by and outside financer, submit the details to the company and skip the below steps.

 

If the Commission advance is financed internally by the brokerage General Fund, Follow these steps,

• Create a Vendor Invoice in the Operating (or General) Fund to pay the agent their advance:
• Line 1 = Total of the Advance, Account = Agents Recoverable – Advance or Advance Receivable
• Line 2 = Fee charged for the Advance (enter a negative amount), Account = Advance Fee Income
• If there is an amount to be applied to the Agent’s Receivable
  • Line 3 = Amount to Agent’s Receivable (enter a negative amount), Account = Advance Clearing or Advance Payment
• Go to Pay Vendors and pay this invoice, which will create a cheque to the agent.

To Apply line 3 above to the Agents AR acct you must

• Create a Customer Credit Memo in the Operating (or General) Fund to apply the amount to the Agent’s Receivable:
• Line 1 = Item = Advance A/R Payment, Amount = the amount to Agents Receivable – Same amount as line 3 above.

1. This Item should be set up to hit the same account as Line 3 above (Advance Clearing or Advance Payment clearing)

How to Modify a Commission Advance

• Find Advance in the Advance Report
• Change the  Status to Pending
• Make all Necessary Changes
• Change the Status back to original status before modifications
• Save Advance