When commission payments are received, use the deposit module to automate the journal entries and agent commission distributions. When posting a deposit CommissionTrac credits both the vouchers accounts receivable and agents accounts payable for each agents on the deal. 

Accounts Receivables:

  • Deposit (Credit) applied to the Charge (Debit)

Accounts Payables:

  • Commission Credit (Credit) applied to the Agent Payables

Steps to Post a Deposit:

  1. In the sidebar select the Deposit module
  2. Click New Deposit in the top right
  3. Confirm Deposit Date (Default - Today's Date)
  4. Confirm Bank into which this Deposit is going
  5. Select Add Payment
  6. Select the Bill To entity from the "Select Bill To" Drop Down OR Select the Voucher Name from the "Select Voucher" Drop Down
  7. Click Add Check & Input the Check Amount and Check Number 
  8. In the Voucher details section, Select the Check Number in the drop-down on the appropriate line items
  9. Select Apply Payment in the action column to apply the full amount to that charge. (For more detail around adjustments view the FAQ below.)
  10. Select Preview to review the commission distributions entered for accuracy and completeness. 
  11. Click Post in lower right-hand to apply the credits to all accounts involved. 

Frequently Asked Questions:

Can I edit the Deposit Number?
By default CommissionTrac assigns a unique Deposit Number starting at D0001. This can be edited by selected Deposit No. and editing the field in the top left of the deposit grid.

What is the Deposit Date? Can this be back dated?
The deposit date defines the actual date your brokerage received the commissions. Make sure this date falls within the same month your brokerage received the check.. By default the deposit date is always set to today's date.

How can I make adjustments to the original Charge Amount?
We have a few solutions to handle this scenario but in the case where the commission was underpaid by a few dollars/cents and you can use the Adjustment Field on the Grid. Ex: Commission was underpaid by $0.50. Add -0.50 to the adjustments field then re-apply the payment. This will create a Misc Credit reducing the original charge about by $0.50.

How can I reverse a deposit and the related distributions to the agents?
Use the Misc Receivables Deposit Reversal adjustment to delete a deposit. You might need to do this if the amount or agents on the deal are incorrect. 

How can I override the Commission Distribution?
On the deposit grid select the toggle "Show Agent Commission to Override" above the voucher and follow the steps in this article: Deposit Override.

Can I apply multiple checks while creating a deposit?
Use the Add Check button to create additional checks for the selected Bill To.

Is it possible to setup notification when deposits are posted?
If you would like to setup Deposit Notifications go to Settings --> User Notifications and toggle on the Deposit notification for any agent. Emails will go out to any agent associated with the Vouchers to which the deposit was applied, indicating that a payment was received.

Whats Next?

Now that you received payment and posted the deposit, it's time to start paying your agents. 


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