Soft Close Checklist – Leadership Answers

Complete all of these tasks on a weekly basis as part of a “soft close.” This will help you prepare for the weekly four conversations. Also, if you are checking your key reports and watching your key numbers, you will limit the number of unanticipated issues during month end close. Be proactive, to improve your chances of having a smooth month end close.

Review the Production Reports outlined below.
- Key reports are the Closed Transactions, Contracts Written and Listings Taken Reports. Look for any extra large or small values that may indicate incorrect data has been entered.
Review all the Financial Reports that you have printed. If your TL or OP has questions, print a General Ledger Trial Balance Detail for review.
- If necessary, correct any errors and reprint corrected reports.
Obtain Operating Principal and/or Team Leader approval.

To access the Google Doc version of the Weekly & Soft Close Checklist, click here.

This checklist walks you through the steps to complete a Soft Close in CommandMC:

Task	Resource
Before Month End validate agent count and status to ensure all associates are activated for gross deadline (6 pm CT on the last calendar day of the month) Best practice is to compare this with your local board's active agents roster. Verify Roster and Licenses Monthly Review your Roster Filter by role “Unlicensed Associate” and activate any agent in the Market Center who is not currently an ACTIVE AGENT that should be	CommandMC
Verify System and Data Files in AccountEdge	AccountEdge
Confirm your KWRI Invoice has been created & updated	CommandMC/AccountEdge
Ensure all receivables have been collected Confirm AccountEdge and AccountEdge Connect have been synced.	AccountEdge
Verify Receivables	AccountEdge
Verify Payables	AccountEdge
Verify KW Debt, Depreciation, and/or Amortization	AccountEdge
Verify Payroll Tax Payable (if payroll is in-house)	AccountEdge
Review Undeposited Funds Account and verify balance is zero	AccountEdge
Verify Clearing Commission is at Zero	AccountEdge
Review Month End Close and Pending Sales Reports: CommandMC > Transactions > Month End Close > Overview Update projected closings: It's crucial to review pending sales and identify any contracts that won't close in the current month. Update the closing dates accordingly to reflect accurate projections and move them to the appropriate month. Download the End of Month reports from the Month End Close > Overview and save them to a folder you designate prior to closing the current month. Listings Taken Contract Written Contracts Closed Contracts Terminated Deposit Summary Report for the month New Associate Fee Associate Tech Fee Gmail Fee Commercial Fee For Soft Close, it is not necessary to save these reports, just review and validate. You will need to save a copy at Month End Close though.	CommandMC
Verify Listings Taken Metrics and Check for Duplicates: Compare the Listings Taken report to MLS data throughout the month to monitor if any agents have gone under contract, and if they did, have they submitted their compliance documents? Validate Listings Taken Metrics Exclude any duplicate Listings	Links in the Tasks column
Review Market Center-Specific EOM Reports	MC Defined
Send financials from AccountEdge to CommandMC (make sure you remember to Save). These numbers populate the KW Financial Statement column in the Key Metrics (Month End Close Tab in Transactions). (Note: If your Profit Share is off, go back to AccountEdge and adjust the KWRI invoice accordingly. Resend financials and save)	CommandMC/AccountEdge
Verify Agent Royalty and Franchise Royalty match on the Key Metrics (though these do not need to be equal in order to close the month, it’s critical to identify and correct the reason for the discrepancy).	CommandMC
Validate Key Metrics and Financials (Check Balance Sheet for accurate Asset and Liability balances. Check Income Statement for any variances) If Key Metrics are out of balance	Balance Sheet & Income Statement Check Key Numbers
Verify and enter Total Appointments and Total Market Share Appointments for the week with the Team Leader. You will manually enter this number, the system will not prompt you for this.	CommandMC
Complete Bank Reconciliations	AccountEdge
Review Income Statement and Balance Sheet with Team Leader and OP Review Production Reports with Team Leader and OP	Take Action with your Leadership team
End of Week Backup	External Backup

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