Associate Record: Profit Share Tab – KWMCAngel

The bank information on this entry page comes from the Command MC Associates Applet and cannot be edited here. The associate will enter the information in the KW Joining Portal process, and the MC can edit in the Command MC Associate Record.

You cannot enter the Market Center’s bank information, even temporarily, while you wait for the associate’s information to be gathered. It is never acceptable to enter the Market Center’s account information in the agent record.

The Profit Share tab stores the Associate’s profit share banking information, Profit Share EIN and Non-KW Production.

The table below lists the fields on this tab along with a basic description of the use of each field. This tab requires that the Bank Name, Bank Account Name, Routing Number, Bank Account number and Bank Account type be completed before saving a new record.

If you are editing an associate record, update the desired field and then save the record.

NOTE: The information contained here is personal information that must be stored securely. If the agent completes a form in writing that must be stored in a secure, locked location.

Field	Description
Bank Name	The name of the bank the funds will be deposited with.
Bank Account Name	The name as it is displayed on the bank account. This could be the Agents name, or if they are incorporated their LLC.
Routing Number	This is the ACH deposit routing number for the bank listed. Make sure to confirm you are using the correct ACH routing number as banks have different routing number for different types of transactions. You can’t always relay on the account number on a voided/blank check. That could be the routing number for paper checks. When in doubt, call the bank and ask.
Bank Account Number	The account number of the Associate. Credit Unions and other banks sometimes have digits that you have to include to specify the account type you are depositing to.
Bank Account Type	Specifies if this is a checking or savings account.
Profit Share EIN or BN (if different from SSN/SIN)	Associate’s can elect to have their Profit Share paid to another entity/tax ID. When this field is used, the address and name information from that company record is what will be used to populate the 1099. NOTE: WinMORE applied earnings to the EIN/BN on file at the time of they payment. Therefore if you enter a Profit Share EIN mid-year, only profit share after the date of the change will be credited to the new Tax ID number. Anything prior will go to the previous EIN/BN.
Company Name	Auto-populates from the company record of the EIN entered in the above field.
Non-KW Volume	For Awards Purposes Only: This field is only for use when an associate transfers to KW from another brand/brokerage and is only valid in the year they transfer. Make sure to enter the volume of total closed of property sales transactions for the year from their prior brokerage. A closed transaction list from their broker, or a report from Broker Metrics or other verifiable source should be kept on file to validate the number entered.
Non-KW GCI	For Awards Purposes Only: This field is only for use when an associate transfers to KW from another brand/brokerage and is only valid in the year they transfer. Make sure to enter the Gross Commission Income of total closed of property sales transactions for the year from their prior brokerage. A closed transaction list from their broker, or a report from Broker Metrics or other verifiable source should be kept on file to validate the number entered.
Non-KW Units	For Awards Purposes Only: This field is only for use when an associate transfers to KW from another brand/brokerage and is only valid in the year they transfer. Make sure to enter the units of total closed of property sales transactions for the year from their prior brokerage. A closed transaction list from their broker, or a report from Broker Metrics or other verifiable source should be kept on file to validate the number entered.
Transfer Description	Enter notes regarding the associates transfer. What office they came from, etc.
Notes	This is a freeform notes feel for you to enter any information you need to notate on this associate.

Next: Associate Tab

Next: Commission Tab

Next: History Tab - unused at this time.

Profit Share Direct Deposit Form.pdf
50 KB Download

Related articles