Deduct Payment for Open Invoices from Commissions
35 steps
|
5 minutes
1
Navigate to Brokerage Engine.
This procedure is for users who do not have the BE Accounting interface. For instructions for BE Accounting Users, please navigate to the BE Accounting section and click on the "Agent Disbursements" folder.
The following instructions are for QBO Only users that have the 'Cash Register' legacy function enabled.
2
From the Commission Detail Page, scroll down to the "Agent Open Balances" section. The Invoice Balance column refers to open invoices on the front-end of the system (LSS). The Accounting AR Balance refers to the balance in QBO. The Accounting AR Balance includes the Invoice Balance amount since invoices in the front-end of the system sync over to the Accounting side. If the Agent only has a balance in the Accounting column, then the open invoices were created in the Accounting module, such as those tied to Billable Expense Charges.
Create Payment by Entering Amount
3
Click the "Add Payment" button.
4
The AR Balance for the Agent is of $85.52. Type the total amount due, a lower amount to pay some of the invoices (or create a partial payment), or a higher amount due in order to create a credit balance.
5
Click "Save"
6
Click "OK"
7
The Payment amount will now display.
Close the Transaction
8
Click "COMMISSION_VERIFIED"
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Click "OK"
10
Click "CDA_SENT"
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Click "OK"
12
Click "CLOSING_PAYMENT_RECEIVED"
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Click "OK"
14
Click here.
15
Click "OK"
Review Accounting Entries
16
Click "View Entries"
17
The Main Journal Entry will display the entry for the $85.52 payment. It hits the "Agent Balance Accounting Clearing Account" configured in Brokerage Settings.
18
The Account configured in Brokerage Settings.
19
Click "Bills"
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The Bill for the Agent will also display the payment.
21
Click "Close"
Upload to Accounting
The Invoice Payments will not be recorded or applied toward open invoices until the transaction is Uploaded to Accounting. If the transaction is revoked from Accounting at a later time, the Invoice Payments will be revoked as well.
22
Click "Upload to Accounting"
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Click "OK"
24
Click "OK"
The method used to record the commission deposit in Accounting does not affect the Invoice Payments.
Manually Apply the Payment Amount
The following steps in QBO do not need to be followed if the "Automatically apply credits" feature is enabled in the QBO settings.
25
Navigate to the Customer Profile for the Agent in QBO.
26
Click "Receive payment" of the corresponding invoice.
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The Invoice Payment Page will populate. It will show the Customer Outstanding Transactions and any Credits.
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In this scenario, the Credit was created by the deduction of the entire amount from the Agent's Commission.
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Click "Save and close"
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The Customer Profile will display the Customer Balance.
Mark Invoice as Paid
31
Navigate to Brokerage Engine and click on "Open Invoices" under the "Invoices" tab.
32
Search for the Agent using the "Bill To" function.
33
Click the "Action" button of the corresponding invoice.
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Under the "Edit Invoice" dropdown, select "Mark Paid".
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The prompt window will appear. Select "Paid by Commission" from the dropdown list. The address for the transaction can be typed in the comments section. Once finished, click the "OK" button.
