Overview of the BE Accounting Configuration Panel

38 steps
2 minutes

Navigate to Brokerage Engine.

Click "Accounting" to open the BE Accounting interface.

Click the "Settings" tab.

Click "Configuration" to navigate to the panel.

Reporting Basis Preference

In order to configure your financial reporting preferences for selected reports, please pick either "Accrual" or "Cash" basis in the toggle button. Please keep in mind that this selection affects your Accounting Method in QBO.

Click the "Save" button.

Click "OK"

Closing Books

In order to Close your Books, type the date or select it from the small calendar icon. This function is to lock past Accounting periods.

Click this date field to select a day from the calendar icon.

Click the "Save" button.

Click "OK"

1. It is highly recommended to close the books with the date of your last bank reconciliation to ensure they cannot be impacted by new entries. 2. The Reversal function that reverses Main Journal Entries when Revoking from Accounting cannot be utilized if a date is not set. Click [here](https://help.brokerageengine.com/support/solutions/articles/43000744967-overview-of-reversal-journal-entries) for an Overview on Reversal Journal Entries.

The "Close the Books" (or "Lock Books") tool in QBO is used to prevent changes to finalized financial data from a specific date backward. The "Close the Books" (or "Lock Books") tool in BE Accounting is used to create a warning for users that the books are closed. It is suggested that the books are closed in both QBO and BE Accounting using the same date.

Commission Lock Date

This feature allows brokerages to lock commission processing for a specific period without fully closing the books. Once a Commission Lock Date is set, any transactions with a Close Date prior to that lock can no longer be modified in the Commission Module. These transactions can only be changed by: 1. Reversing the transaction (if reversal is enabled in the system), or 2. Reopening the books, subject to the same restrictions and workflows that apply to the Close Book Date detailed above.

In order to lock the commission processing for a specific period, type the date or select it from the small calendar icon. This function is to lock past Accounting periods in the Commission Module while still allowing ongoing accounting finalization.

Click "Save"

Click "OK"

Setting up the Franchise Fee Payee

The Franchise Fee Payee needs to be configured to use the Upload ePay Receipt function. The configuration will hide unpaid bills under the Payee, sitting on the "Pay Bills" section of BE Accounting.

From the Franchise Fee Payee dropdown menu, select the Vendor.

Create Invoice Notes for Invoice Payments

Click the "Remit Payment Notes" field to add any payment notes to Accounting Invoices.

Click the "Save" button.

Click "OK"

Select 1099 Accounts for Reporting

In order to select 1099 accounts for reporting purposes solely in BE Accounting, type the name of the accounts or select from the dropdown menu that appears when clicking on "Box 1 : Non-employee compensation (most common)".

Click on the account.

Type the name of additional accounts or select from the dropdown menu that appears when clicking on "Box 2 : Rents".

Click on the account.

Click the "Save" button.

Click "OK"

This selection is for reporting purposes only. Any selection will not feed to QuickBooks Online.

Track Payments for 1099 for All Agents

Click the "Track Payments for 1099 for All Agents" button to automatically select the "Track payments for 1099" checkbox in the Agent Vendor profiles.

Click "OK"

The checkbox selection will feed to QuickBooks Online. Please keep in mind that the checkbox will be selected even if the Tax Identification Number is missing from the profile. This mass update only works for Agent profiles. Outside Vendors need to be manually updated.

Select Default Accounts

The 'Default Accounts' section allows you to configure the primary accounts used for various procedures.

- **Default A/P Account**: This field should be set to the Main Accounts Payable Account. - **Default Agent Billing Income Account**: This account is set for a specific income collected from the agents. It can also be set to the Default Commission Income Account. - **Default Operating Account**: This field should be set to the primary bank operating\ account. - **Default Bank Fee Account:** This field should be set to the Expense account for Bank Charges. This field is mandatory if utilizing the Braintree Deposit functionality. - **Default Commission Overpayment Tracking Account**: This field should be set to an account to track the overpayment of commissions. It will act as a holding account until the overpayment is collected. Payments out of this account should not be tracked for 1099 purposes. **OPTIONAL SETTINGS** - **Rush Fee Income Account**: This field should be set to a specific income account or another income account. It will use Default Agent Billing Income Account if left blank. - **Marketing Plan Income Account**: This field should be set to a specific income account or another income account. It will use Default Agent Billing Income Account if left blank. - **Default Bill Payment Account:** The preferred bank account for manually recorded bill payments should be entered in this field. - **Default Check Payment Account**: The chosen bank account for check payments should be entered in this field. - **Default Allowance Account:** To track allowances allocated, this field should be set to an Allowance Expense Account. - Allowance Restriction Accounts: This field should be set to specific expense accounts used for Agent Billing under Marketing Items on LSS. Only Accounts that have been determined for "Marketing" purposes will be displayed in the dropdown menu. For more information, visit [this link](https://help.brokerageengine.com/support/solutions/articles/43000704037-how-to-setup-restrictions-for-allowances).

Click the "Optional Settings" button to configure additional accounts.

The table will then display.

**OPTIONAL SETTINGS** - **Rush Fee Income Account**: This field should be set to a specific income account or another income account. It will use Default Agent Billing Income Account if left blank. - **Marketing Plan Income Account**: This field should be set to a specific income account or another income account. It will use Default Agent Billing Income Account if left blank. - **Default Bill Payment Account:** The preferred bank account for manually recorded bill payments should be entered in this field. - **Default Check Payment Account**: The chosen bank account for check payments should be entered in this field. - **Default Allowance Account:** To track allowances allocated, this field should be set to an Allowance Expense Account. - Allowance Restriction Accounts: This field should be set to specific expense accounts used for Agent Billing under Marketing Items on LSS. Only Accounts that have been determined for "Marketing" purposes will be displayed in the dropdown menu. For more information, visit [this link](https://help.brokerageengine.com/support/solutions/articles/43000704037-how-to-setup-restrictions-for-allowances).

Enable Missing Class Warnings

In order to enable a missing class warning, please select either "Yes" or "No" in the toggle button. Please keep in mind that this selection does not feed to QBO.

Click "OK"

Enable Offline Banking Transactions

Flip the switch to the "on" position to enable options on the Banking Tab for managing offline bank transactions for bank matching purposes.

Click "OK"

Enable Receive Payment by Payload

Flip the switch to the "on" position to enable "Receive Payment by Payload" for invoices created in the BE Accounting module.

Click "OK"

The “Receive Payment by Payload” function is separate from the Agent Billing processed in the Marketing module on the agent-facing side of the system. This feature is specifically designed to collect credit card payments for Accounting-only invoices, such as commission overpayment invoices or invoices generated from billable expense charges. For more information, please click on [this link](https://help.brokerageengine.com/support/solutions/articles/43000757741-how-to-receive-invoice-payment-by-payload-in-be-accounting).

Review Activity Log

Click the "Activity Log" button to view the audit log for the Configuration Panel.

The Activity Log list will display.

Overview of the BE Accounting Configuration Panel

38 steps
2 minutes

Navigate to Brokerage Engine.

Click "Accounting" to open the BE Accounting interface.

Click the "Settings" tab.

Click "Configuration" to navigate to the panel.

Reporting Basis Preference

Click the "Save" button.

Click "OK"

Closing Books

In order to Close your Books, type the date or select it from the small calendar icon. This function is to lock past Accounting periods.

Click this date field to select a day from the calendar icon.

Click the "Save" button.

Click "OK"

Commission Lock Date

Click "Save"

Click "OK"

Setting up the Franchise Fee Payee

The Franchise Fee Payee needs to be configured to use the Upload ePay Receipt function. The configuration will hide unpaid bills under the Payee, sitting on the "Pay Bills" section of BE Accounting.

From the Franchise Fee Payee dropdown menu, select the Vendor.

Create Invoice Notes for Invoice Payments

Click the "Remit Payment Notes" field to add any payment notes to Accounting Invoices.

Click the "Save" button.

Click "OK"

Select 1099 Accounts for Reporting

Click on the account.

Type the name of additional accounts or select from the dropdown menu that appears when clicking on "Box 2 : Rents".

Click on the account.

Click the "Save" button.

Click "OK"

This selection is for reporting purposes only. Any selection will not feed to QuickBooks Online.

Track Payments for 1099 for All Agents

Click the "Track Payments for 1099 for All Agents" button to automatically select the "Track payments for 1099" checkbox in the Agent Vendor profiles.

Click "OK"

Select Default Accounts

The 'Default Accounts' section allows you to configure the primary accounts used for various procedures.

Click the "Optional Settings" button to configure additional accounts.

The table will then display.

Enable Missing Class Warnings

In order to enable a missing class warning, please select either "Yes" or "No" in the toggle button. Please keep in mind that this selection does not feed to QBO.

Click "OK"

Enable Offline Banking Transactions

Flip the switch to the "on" position to enable options on the Banking Tab for managing offline bank transactions for bank matching purposes.

Click "OK"

Enable Receive Payment by Payload

Flip the switch to the "on" position to enable "Receive Payment by Payload" for invoices created in the BE Accounting module.

Click "OK"

Review Activity Log

Click the "Activity Log" button to view the audit log for the Configuration Panel.

The Activity Log list will display.