A mentor fee is defined as fees to an internal agent as a deduction from another Agents commissions.
See this article for how they work!
Since Loft didn't recognize Mentor fees prior to December 2019 you'll need to gather, sort and total these fees by the payee name then adjust your Agent's Income in their profile.
Run a Deductions Report, using the filters below:
- Selecting all Mentor fee / Payable type deductions in your Brokerage deduction field
- Ensuring your date range is Jan 1, 2019 - Dec 31, 2019, leaving the rest of the fields with their defaults.
- Click Generate Report, once the report is generated...
- Download in either an excel or csv format
5. In your downloaded spreadsheet, select all your columns and filter, like so
6. You can filter out any non-agent profiles (Column F). *Any mentor fees not assigned to an agent profile and set only as a payee name, will not show up as an agent in your downloadable or their profile.
7. Sort by Payee name (Column E) Ascending.
8. Sum your agent's income
9. Add it to your Agent's Commission Adjustment in their profile, like so:
1. Click New in Commission Adjustments
2. Add the adjustment date (Dec 30, 2019)
3. Add Commission net, add taxes to the Commission tax field, if applicable *Side, Property type, and volume field do not need to be changed. These fields have will not affect on your 1099 or T4A reporting.
Congrats, you've successfully tracked and adjusted those agent's who have earned income through Mentor fees!