Help Center : How to create a new Closed Deal: Part 15 - Deal Share

This part of our New Closed Deal tutorial series will cover the Deal Share tab in the Closed Deal workflow.

This is an optional step and may not be relevant for your firm’s internal process. If that’s the case, you can ask your System Administrator to hide this tab from the workflow in your user settings.

Instructions

The Deal Share tab is part of a simplified Closed Deal data entry process designed for brokers or staff who are not meant to have access to or modify potentially sensitive accounting information. Specifically, this tab acts as an initial stand-in for the Fee Splits tab, which requires access to Vendor records, displays some commission split plan information, and which may affect the brokers’ YTD Production Credit or Total Gross Commission when it’s saved. You can refer to the tutorial on the Fee Splits tab for more information.

The idea behind this simplified workflow is to allow a user to provide sufficient information on the Closed Deal for the remaining accounting information to be completed by someone else. For example, a broker may create the Closed Deal and then send it to an accounting team to set up Vendors and bill Invoices.

The top part of the form is where new entries are added.

Below that is a list of existing entries which you can modify or remove as needed.

At the bottom is a summary of the total fees (from the Fee Calculation tab), how much of that amount has been allocated so far on this tab, and whether there are any discrepancies between those two amounts. We’ll demonstrate that later in this tutorial.

Required fields are indicated by an asterisk.

By default, the person designated as the Primary Salesperson on the Contacts tab will already have been added to this tab with a 100% share of the total fee amount.

To add someone else, click into the Name field at the top of the form.

All of the Contacts who have already been added to the deal on the Contacts tab will automatically display in a list for you to choose from.

Alternatively, type in any combination of the name, city, or record ID of the person you wish to add. The system will show a list of potential matches. Internal Contacts will be highlighted in yellow. Select the correct entry from the list by clicking on it.

Indicate that person’s share as a percentage of the total fees, or as a specific amount. The corresponding field will be calculated automatically.

If a broker’s commission split with the firm should not follow their usual split plan but a specific percent of their gross share or a set amount, enter that information into the Fixed Net fields. This indicates that the system should use these net commission values regardless of their split plan when the time comes to distribute the fees.

Select which side of the deal this person represented. If their role on the Contacts tab was Listing or Procuring Broker, the system will select the appropriate entry for you. For deals that aren’t a Lease or Sale, you can select Client.

Add any other relevant instructions to the Comments, such as which Split Plan to use if that Broker has more than one plan for the year, or if there are supposed to be any additions to or deductions from their net commission.

Click the green plus icon on the right to add this new information.

You should now see it listed below.

Notice that the total percent allocated is red, and that there is a difference between the Total Fee and Total Allocated amounts. Make whatever adjustments you need to balance those totals.

Make sure to also add any outside parties if they are also supposed to receive a portion of the commission or other fees. Remember, you are allocating the entire billable fee amount for this deal.

You can also remove any party by clicking on the red [X] icon to the right of that entry.

Once all parties have been added with their allocations and the totals at the bottom match, click Continue to move on to the next step.

Click here to go to the next tutorial.

Help Center : How to create a new Closed Deal: Part 15 - Deal Share

Instructions

Related articles

Attachments: