In this section, you will verify that the YTD balance for Clearing Commission is zero. Many MCAs check this every day. It is recommended to check this at least weekly. The Clearing Commission account is a holding account for monies that need to be paid out. For example, an agent caps and a title company sends the closing check based on the old DA. Place the entire amount in the Clearing Commission account, then split the amount between KW and the agent so the agent won’t have an overpayment of fees to KW.
- In AccountEdge, click Find.
- Click the Account tab and review the Clearing Commission Beginning and Ending Balances for the month you are transmitting. Verify that both balances are zero.
Note: The Clearing Commission account number is 5-0060.
Be sure to update “Dated From” and “To” fields to reflect the month you are transmitting.
- If the Clearing Commission YTD balance is not zero, make sure that all checks have been cut or that an A/P invoice has been entered for associates, co-brokers, and outside brokers for money received by your Market Center on their behalf within the current month.
- You may have entered a check or invoice with the next month’s date instead of a date within the current transmittal month.
- A DA may have been posted with an incorrect Part 2 “Check For” entry.
- Print the “Find Transactions” Report for 5-0060 Clearing Commission and, using your WinMORE Deposit Summary and the third page of each of the month’s WinMORE Deposit Slip Report entitled “DA List for Deposit #,” verify that the correct commission checks issued (debits) clear each WinMORE Deposit Entry (credit).
- Check to see if you have imported a deposit twice.