Mid year migrations require year to date adjustments for agents commissions, production and fee information in order to have accurate 1099 and T4A information.

To enter year to date adjustments you can head to the Agents profile.  

If your fees cap on the calendar year you only have to do one adjustment per fee. 

You will add the date prior to going live in Loft, indicate the end counts, volume and commission for each side and property type. You can add multiple adjustments to accurately record Sides and type combinations. 

2. Add deduction adjustments - Scroll down the agent profile to where you see Deduction Adjustment and either add or edit a line item

You can add the date prior to going live in Loft along with the amount of the fee and what property type its associated with. You can add a deduction adjustment for each deduction or fee template you have under the Brokerage. 

Fees Capping on Agent Anniversaries

Fee caps and levels often reset based on Agent Anniversaries which can fall prior to or after the conversion date. 

We will walk you through both scenarios and how to adjust the agent's profile in Loft to accommodate both.

Anniversary Date is prior to the conversion date

Example: Shelly is an agent with an Anniversary of May 25th

Her Brokerage has joined Loft on July 1st

Her year to date information to June 30th is as follows;

Volume $1,545,000

Ends 4

Commissions $26,000

Split Fees $5,200

Since her Anniversary is prior to the conversion we need to enter two separate adjustments for her. 

The first one should be dated May 24 and one date June 30th 

  1. The first adjustments will show what has been earned to May 24

Volume $1,000,000

Ends 2.5

Commissions $16,000

Split Fees $3,000

2. The second adjustment will be the earnings since May 25th to the end of June is an adjustment at June 30th

Volume $545,000

Ends 1.5

Commissions $10,000

Split fees $2,200

Anniversary Date is after the conversion date

Example: Shelly is an agent with an Anniversary of Oct 25th

Her Brokerage has joined Loft on July 1st

Her year to date information to June 30th is as follows;

We are going to add an adjustment for the current year from January to June 30th then add a second adjustment for her performance in the prior year from her anniversary date to the end of the year. 

  1. 2017 Adjustments - Adjustment date of June 30th

Volume $1,545,000

Ends 4

Commissions $26,000

Split Fees $5,200

Since her anniversary is October 25th we want to make sure we capture the prior year performance that will apply to her current year settings. 

In the year prior to conversion (from Oct 26th to Dec 31st) her production volume was as follows

2. Prior year performance from Anniversary to year end. Adjustment date of DEC 30th 2016

Volume $350,000

Ends 1

Commissions $4,500

Split Fees $900

Total amounts that will apply to her anniversary caps

Volume $1,895,000

Ends 5

Commissions $30,500

Split Fees $6,100.00

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