How to deduct the A/R Balance due from Commissions
32 steps
|
3 minutes
1
Navigate to Brokerage Engine.
The following procedure is for users with the BE Accounting interface.
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 the Accounting modules (BE Accounting and 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.
It is suggested to run an "Invoice Reconciliation Report" in BE Accounting if the Accounting AR Balance is lower than the Invoice Balance since this would indicate that invoices have not properly synced over.
Create Payment by Entering Amount
3
Click the "Add Payment" button.
4
The AR Balance for the Agent is $425.00. Use the "Payment Amount" field to type the amount.
5
Click "Save"
6
Click "OK"
7
The Payment amount will now display.
Close the Transaction
8
Click "COMMISSION_VERIFIED"
9
Click "OK"
10
Click "CDA_SENT"
11
Click "OK"
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Click "CLOSING_PAYMENT_RECEIVED"
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Click "OK"
14
Double-click "COMPLETE"
15
Click "OK"
Review Accounting Entries
16
Click "View Entries"
17
The Main Journal Entry will display the entry for the $425.00 payment. It hits the "Agent Balance Accounting Clearing Account" configured in Brokerage Settings.
18
The Account configured in Brokerage Settings.
19
Click "Bills"
20
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"
23
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 do not need to be followed if the "Automatically apply credits" feature is enabled in the QBO settings.
25
Navigate to the Customer profile of the Agent where the entire amount was deducted. Click on the "+" button next to an Open Invoice in the Transactions table.
26
The Invoice Payment Page will populate. It will show the Customer Outstanding Transactions and any Credits. In this scenario, the Credit was created by the deduction of the entire amount from the Agent's Commission.
27
Select the Outstanding Transactions (Invoices) to be paid by the Credit.
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Once the Invoices have been selected, click on the checkbox for the Credit.
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Click "Save"
30
Click "OK"
31
Click "View Detail" to return to the Customer Profile.
32
The Customer Profile will display the Customer Balance.
