Per the KWRI Policies & Guidelines 22.214.171.124, 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:
- Create a deduction in WinMORE. Use a name like "Commission Applied to A/R".
- Add the deduction to the DA in the amount of the outstanding bill of the associate.
- Post the DA and import your deposit into WinMORE.
- In your accounting program, ensure you have an item created for collecting bad debt/receivables.
- In AccountEdge, go to the Inventory tab and click on Items list.
- If you do not currently have an item for collecting A/R from a DA, create one by clicking the New button.
- Check the box next to "I Sell This Item"
- Enter the clearing commission account as the Income Account for Tracking Sales (5-0060 in U.S.)
- Click OK
- Create a credit memo for the associate by going to the sales tab, and clicking the Sales Register button.
- Click on the Returns & Credits tab.
- Click the "New Credit Memo" button.
- Enter your credit memo using the item you've created for applying commission to A/R and click Record.
- 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.
- Check your clearing commission to ensure it is zero after all other entries for your deposit have been made.
- 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.