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Pro Gold i2 Online User Manual

 

Chapter 8 - Agent Deductions

Helpful Hints

  • The following agent level deductions are provided with Pro Gold XP:
    1. LS Personal Referral Fee
    2. SS Personal Referral Fee
  • Other possible deduction entries might include:
    1. LS E&O Fee
    2. SS E&O Fee
    3. LS Transaction Fee
    4. SS Transaction Fee
    5. LS Agent Bonus
    6. SS Agent Bonus
  • Fields denoted in Red indicate a required entry
  • Use descriptions that are easily recognizable noting whether it applies to Listing or Selling transaction (e.g., LS Personal Referral Fee, SS Personal Referral Fee)
  • Example fees include personal referral fees, administrative fees, etc…
  • When entering a percentage, you must enter the actual decimal point for percent deductions (e.g., 25% => .25)
  • Use Cap field to note whether there is a maximum amount that is not to be exceeded
  • Calculation Type:  The following calculation options apply to Agent Deductions:
    1. Calculate deduction from Agent Gross Commission (default)
    2. Calculate deduction from Adjusted Gross Commission
    3. Calculate deduction from Side GCI Commission
    4. Calculate deduction from Side Net Commission
  • Use Joint Deduction field to select related deduction when cap amount applies to both sides (i.e., LS Trans Fee & SS Trans Fee)
  • Note whether transaction affects Agent’s 1099
  • Select default accounts
    1. For Debit Account, enter chart of account you want to debit
    2. 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
    1. 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
    2. If deduction creates a banking adjustment, assign “None” as the vendor
    3. If  deduction does “not” create a banking transaction,  assign “None” as the vendor
    4. Create all possible deductions so that they are available during commission processing  (i.e., assign during check verification process)
  • Delete button will not delete a deduction record that has been used
  • Do not include Agent Receivables in this area, they will be covered in the Receivables section