Step 1 - Gross Commissions
If you've set up pre-defined commission structures, you can apply a commission structure to the worksheet in order for Rex to calculate the gross commission automatically.
- Select the correct commission structure from the 'apply commission structure' drop-down. This will add the gross commission.
- If you don't have pre-defined commission structures, you can manually calculate the commission owed and add the amount to the 'gross commission' field.
- Click 'Save Changes'
Step 2a - Referral Fees & Related Expenses
If the Listing was sold through a referral you can add the referral fee to the Commission Worksheet.
- Click 'Add referral fee or related expense'.
- Use the ‘expense description’ drop-down to select the expense type. Alternatively, you can enter the description manually. (Note: the drop-down list will show all pre-set deductions, not just those associated with referrals.)
- If you've selected one of the list entries, the expense amount will be calculated automatically. This can be adjusted as necessary. If you manually entered a description, you'll need to enter an amount.
- To the right of the 'amount' field are two buttons:
- '$' allows you to enter the amount of the expense. This is the default entry type.
- '%' allows you to enter the percentage of gross commission net of GST that the expense is calculated from.
If you need to add another referral fee or related expense, click 'Add another deduction' and repeat the steps above.
Step 2b - Franchise, Marketing & Related Fees
Use this section of the commission worksheet to add any agency fee deductions. Click Add franchise, marketing related or other fees.
From here, follow the same steps as described in the Referral Fees and Related Expenses section to enter the appropriate deductions.
Step 3 - Agent Distributions & Deductions
Use this section to confirm which Agents are involved in the sale, which role they played in Listing/Selling/Both the Property, and the total commission they'll earn from the sale as a percentage or a dollar value.
From here you can also add any deductions that need to be taken from the Agent's earnings, and apply transactions to their Agent Ledger.
Step 4 - Post-Distrubution Deductions
Add any deductions that need to come out after the Agent has been assigned their share.
Step 5 - Office Commission Summary
You should've noticed by now that at no point did you enter the amount of commission that the office will receive.
This is because the office receives whatever is left over of the distributable commission after the distributable commission and deduction amounts are taken out.
Basically; anything left over once everyone else has been paid belongs to the Agency.