Steps for Collecting Accounts Receivable Balance from Closing Check

Per the KWRI Policies & Guidelines 4.9.1.36, associates with an outstanding A/R balance will have their A/R balance collected from their next closing with the market center.

Instructions for an agent paying their office invoice from a closing:

1. Create a deduction in WinMORE. Use a name like "Commission Applied to A/R".
2. Add the deduction to the DA in the amount of the outstanding bill of the associate.
3. Post the DA and import your deposit into WinMORE.
4. In your accounting program, ensure you have an item created for collecting bad debt/receivables.
   1. In AccountEdge, go to the Inventory tab and click on Items list.
   2. If you do not currently have an item for collecting A/R from a DA, create one by clicking the New button.
   3. Check the box next to "I Sell This Item"
   4. Enter the clearing commission account as the Income Account for Tracking Sales (5-0060 in U.S.)
   5. Click OK
5. Create a credit memo for the associate by going to the sales tab, and clicking the Sales Register button.
6. Click on the Returns & Credits tab.
7. Click the "New Credit Memo" button.
8. Enter your credit memo using the item you've created for applying commission to A/R and click Record.                             
9. In the Returns and Credits tab, highlight the credit memo you created, and click the Apply to Sale button to apply the payment to the associate's open invoices.                   
10. Check your clearing commission to ensure it is zero after all other entries for your deposit have been made.
11. If you do not create a credit memo, the amount of the deduction will be in your clearing account.

Funding at the Table Option

If your title/closing entity cuts the checks to your associate, the DA will have the office bill deduction come to you as a separate check. Receive that check against your Agents Receivable just as if they cut you the check.

NOTE: If your office has funding at the table, you need to ensure the Pay TO is the office name with a memo for Office Bill.