Financial Grid Terminology
As a FinancialBAY Client, FinancialBAY Admins will want to familiarize themselves with the terminology below.
Things to note about the Financial Grid
Things to note about the Financial Grid
- The Financial Grid is used to make financial adjustments to the transaction.
- There are only a few typable fields within the Financial Grid. Typable fields are Sale Price, Commission Percentage, Commission Amount (for flat rate commission), and Non Company Dollar (Rarely used).
- To enter a Commission Amount rather than a percentage, you can type into the Commission Amount Field and press the SAVE button without clicking on the Calculator in to the Commission Amount Field.
- Anything in a box with a red outline reduces the commission. Anything with a white box is either adding or summing the amount of commission.
Other Income Shared: Additional income on top of the commission being paid on the transaction. This type of Income is Shared with the agent. For example, a builder or Seller bonus. It is added in the Income Section.
Before Gross Deductions: a deduction from the top of the transaction, for example, state sales tax or a donation to charity coming off the top. Deductions are added in the Deduction section.
Gross Income: all income to the transaction. This includes commissioned income (commission amount), other income shared, and any before-gross deductions that are being taken.
Referral Fees: a reduction in the Gross Income coming off the top of a transaction being paid to an outside broker. Referrals are added in the Referral Section.
Gross Commission Income: the sum of all income and deductions as well as referral fees that are taken off the top of the transaction.
Service Fee: your Franchise fee. Your service (franchise) fee is set within your commission plans and can be shared by the Company AND the agent and taken off the top of the transaction, or it can come off the agent-only or the company-only side. Service Fees are set inside the commission plan. To adjust a service fee, you must open the Agent Transaction record and click the calculator in the appropriate location.
After Gross Deduction: A deduction is made after deducting the service fee. Deductions are added in the Deduction section.
Adjusted Gross Income: the total amount of income after the service fee (if coming off the top) and after any after-gross deductions have been subtracted.
Agent Income: The amount of income available to the agent before any deductions or bonuses or subagent income has been deducted.
Agents Service Fee: Franchise Service fee that is taken from the agent's portion of the commission.
Company Service Fee: Franchise Service fee that is taken from the Company’s portion of the commission.
Non-Company Dollar: This is rarely used but provides a way to deduct money from the transaction.
Other Income Unshared: Additional income for the transaction is not being shared with the agent. For example, a transaction fee is charged to either the buyer or seller and goes directly to the Company Dollar. Other Income Unshared is added as Income on the right-hand side.
Company Fees: a deduction made from the company side of the transaction only and does not affect the agent side. Company Fees are added on the right-hand side.
Company Dollar: the amount the company receives after every fee related to the transaction is paid and any unshared income is added.
Company Income: is related to the Company Dollar. However, it does not include Other Income Unshared, Additional Referral Income, and Company Fees.
Deposits: In this section, you can track deposits that have been made on the property.
Agent Transaction Fees: reduce the payable commission to the agent after the split with the Company. Agent Transaction Fees come off the bottom and only reduce the agent's portion of the payable commission. Agent Transaction Fees are added in the Agent Fees Section on the right side.
Company Fees: reduce the amount of payable income to the company. A Company Fee is a reduction made to the company’s portion of the payable commission and only affects the company’s portion of the income on the transaction.
Referrals: a portion of the commission paid to another company for the referral. Referrals reduce the amount of commission off the top of the transaction. Referrals are added on the right-hand side of the Financial Grid.
Deductions: a deduction is a reduction in the commission either before or after the gross. A before Gross Deduction reduces the amount of Commission before the Service Fee is taken out. After gross Deductions, reduce the amount of Commission after the Service Fee is deducted. Examples are State Sales Tax or a Donation to Charity.
Income: Income added to the transaction on top of the Commission Amount. It can be added as Shared or Unshared. Income might be considered things like a Builder Bonus or Transaction Fee paid by the buyer or seller.
Shared/Unshared: refers to whether or not the Income is being shared with the Agent before their Split is calculated or retained solely by the Company.
Agent Bonus: Income to the agent from Other income Unshared or directly from Company Dollar as an actual Bonus to the agent. Added in the Income section.
Commission Disbursement: a document used for legal or escrow purposes to verify commissions and earnest money holdings before close. It is sometimes shared with an outside company, attorneys, or the Title Company to ensure proper disbursement of funds (if paid by escrow). The Disbursement tab along the top of the screen will show both sides of an in-house transaction.
Summary: A document that is a complete summary of all income and deductions within the transaction. This is typically used for administrative purposes.
Agent Closing Summary: The Agent Closing Summary can be found using the 3-dot action button next to the Agent Name. This Summary contains Payout Information for each Agent.
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