Chapter 7 - Company Deductions
Helpful Hints
There are several default deductions provided which include an outside referral fee. The following is a list of company level deductions included with Pro Gold XP:
- LS Professional Referral Fee
- SS Professional Referral Fee
- LS Royalty Fee *
- SS Royalty Fee *
- LS Advertising Fee *
- SS Advertising Fee *
- LS CFR&R Fee #
- SS CFR&R Fee #
* For franchise companies; Non franchise companies can rename and use as a different deduction entry
# Can be renamed and used as an additional referral deduction entry
Establish both listing and selling deductions for professional referral fees (e.g., LS Professional Referral Fee, SS Professional Referral Fee) If more than one referral is possible on a closing, then additional referral deductions must be added (cannot repeat same deduction on a transaction).
Note deductions cannot be deleted once entered, but can be de-activated
Fields denoted in Red indicate a required entry
Use descriptions that are easily recognizable beginning with LS for Listing Side and SS for Selling Side deductions
Select Fixed or Percent
Enter Amount/Percent
- Enter amount (e.g., 25.00 for $25)
- Enter the actual decimal point for percent deductions (e.g., 20% => .20; 30% => .30)
Select default accounts
- For Debit Account, enter chart of account you want to debit
- For Credit Account, enter chart of account you want to credit
- If deduction creates a banking transaction, a cash G/L account (e.g., 1010, 1020, etc…) must be assigned
- If deduction does “not” create a banking transaction, a non cash G/L account (e.g., 4000, 6500, etc...) must be assigned
Assign the deduction to a vendor
- If deduction creates a check from banking, assign actual vendor if a specific vendor is known (Can create with pencil) or assign “Select Vendor” if vendor is random
- If deduction creates a banking adjustment, assign “None” as the vendor
- If deduction does “not” create a banking transaction, assign “None” as the vendor
Create all possible deductions so that they are available during commission processing
- Note must create multiple deductions if more than one may applied on one side of a commission (e.g., 2 referrals on same side) deductions cannot have identical name (e.g., LS Referral One and LS Referral Two)
Select Set as Default to automatically deduct from commissions
Select Active Deduction
- Note Cannot delete a deduction, but can turn off by removing check from box
Select Reduce GCI option when the deduction needs to be applied to the Gross Closed Income
Select Referral option for use with deductions based on Adjusted Gross amount
The Transactional option is only used with Fixed Type deductions. Transactional option prorates the single side deduction amount equally between the Listing and Selling side when the deduction is applied on both sides of a transaction