Review Clearing Commission (AccountEdge)

In this section, you will verify that the YTD balance for Clearing Commission is zero. Many MCAs check this every day. It is recommended to check this at least weekly and always as part of Soft Close.

The Clearing Commission account is a holding account for monies that need to be paid out. For example, an agent caps and a title company sends the closing check based on the old DA. Place the entire amount in the Clearing Commission account, then split the amount between KW and the agent so the agent won’t have an overpayment of fees to KW.

1. In AccountEdge, click Find.
   
   
   
   
2. Click the Account tab and review the Clearing Commission Beginning and Ending Balances for the month you are closing. Verify that both balances are zero.
   
   
   
   Note: The Clearing Commission account number is 5-0060.
   Be sure to update “Dated From” and “To” fields to reflect the month you are transmitting. 
3. If the Clearing Commission YTD balance is not zero, make sure that all checks have been cut or that an A/P invoice has been entered for associates, co-brokers, and outside brokers for money received by your Market Center on their behalf within the current month.

Troubleshooting hints:

1. Confirm all deposits have been imported from Transactions. 
2. Were any changes made to a transaction and the original deposit wasn't deleted from AccountEdge, and the new, updated deposit imported?
3. Have all journal entries for any deductions been completed?
4. You may have entered a check or invoice with the next month’s date instead of a date within the current transmittal month.
5. If an Agent returned a check due to corrections needed on the transaction, was that check voided?
6. Have all checks been processed with correct amounts matching the DA?