Overview to Process Transaction from Open to Closed

    • Brokerage Engine |
    • 0 step |
    • 3 minutes

      Locate Commission detail page for Transaction

      Click "Pending"
      Search for property address
      Click action button on address
      Click "Commission Detail"

      Edit Critical Details

      Click "Edit"
      Can edit => Close date => Contract Date =>Sales Price as needed.
      Alert! Effective date is used to adjust when you want this tranaction to "Count" towards agent accumulation if different from close date. Leave blank to default to close date
      Tip! External Transaction Ref # is optional - if you have your own tracking numbers it can go here. Commonly used for Escrow Numbers.

      Commission Calculation Section

      Tip! This section is where anything to do with commission calculations take place.
      Click here.
      Click "Edit Side"
      You can edit commission rate %, override GCI amount, add and remove agents from the edit side button
      Verify Gross Commission (GCI)
      Verify Agents Net Commission
      Can add External Referrals, Bonuses, Concessions through these buttons
      View/Edit/Add Commission Fees

      Distributions Section

      Alert! This section is where any entitiy being paid from the transaction is set. Determines if paid from title, generating a bill or Check, or creating an EFT/ACH payment
      Verify distributions section
      Tip! Commission disbursement Authorizations (CDAs) are generated here Agent breakdowns are generated here Can be emailed directly out from this section

      Review Accounting Details

      Click "View Entries"

      Change Status of Transaction

      Click "ACCOUNTING_VERIFIED" -Used to indicate the transaction has been intially reviewed. In this status you are still able to edit anything needed.
      Click "OK"
      Click "CDA_SENT" -Used to "lock in" transaction details and calculations, can still be moved back. -Commonly used once a CDA has been sent to Closing Company or vice versa
      Click "OK"
      Click "TITLE_PAYMENT_RECEIVED" - Used to indicate that the money has been received by the Brokerage -Used in case transaction is still waiting for outstanding items even though the money has been received
      Click "OK"
      Click "COMPLETE" - This officially closes the transaction and syncs the closed status through out the system.
      Click "OK"

      Send to Accounting

      Click "Upload to Accounting"
      Tip! Selecting NO = This will put this deposit in the bank deposit 'holding tank' waiting to be posted later or grouped with other deposits Selecting YES = Posts the individual deposit automatically in Accounting System
      Select Yes or No to if you want to post the deposit in Accounting System
      Select the date you want to record the deposit
      Click "OK"
      Click "OK"
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