When you Receive a portion of another companies sale commission, this is called Referral Income.
Example. When an Agent is involved in the sale of another companies listing.
TABLE OF CONTENTS
Referral Income
The Listing was not your Listing, another company is processing the sale.
Commission from referral sales are displayed with the Ref income label.
Referral Commission Income does not go through your Trust account but you still load the Sale as you would any other sale.
Creating a referral income Sale
Becuase you do not have the listing in your office create a new Sale by selecting the New Sale button and selecting the Referral Income option
Enter the Listing type and Address
Enter the property details and Sale information
You do not have to enter the Vendor, Vendor's solicitor or the Purchaser for a Referral Income Sale.
The deposit will be zero because you are not processing the Sale contract, just the referral income.
Adding the Other Company
Select the Company that you will be invoicing or have received the Commission income from.
If you have not Invoiced this company before you will need to use the + button to add the other company.
Save your New Other Company and then attach to your Sale.
Commission amount
Enter the amount of sale commission that you will be invoicing the other company for.
You can enter either the inclusive GST amount or the excluding GST amount
Invoice for Commission
Sometimes you might receive the commission at the same time as being told about the sale but if you have not received the Referral income yet use the Invoice button to create an invoice that you can send to the other Company.
- Open the sale and use the Invoice button to produce an tax invoice statement to the referring company/individual for the commission due.
- Receipt the funds
- Release the sale as you would normally
The program will automatically detect that the commission payment is not a deposit so will allow you to release the sale immediately.
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