Transaction Settings & What they do

Keep in mind not all admins at your company have access to these settings. Only the people who do will be able to see these settings.  For the admins who are designated as the Transaction Admins, you will see the Transaction Settings under Settings->Financial BAY->Transaction Settings.

1099

1099 Payer Name and Address: You will enter the Tax Payer Name and Address

1099 Payer Tax ID:  This is the Company’s Tax ID number

1099 Available Years:  This is where you can select the years that you want to be available to your agents.

Subtract Fees from 1099 Income (Default for Data Entry): Yes or No you want Fees to be subtracted from the 1099 Income

Transactions - Requirements

Require Buyer on Open Status:  If yes, any time the status of a Transaction is OPEN/PENDING, a buyer will be required regardless of the side you are representing.

Require Seller on Open Status:  If yes, any time the status of a Transaction is OPEN/PENDING, a seller will be required regardless of the side you are representing.

Require commission when creating Transaction:  If yes, when you begin a transaction, you will be required to enter a commission amount on either the Listing Side or Selling Side of the transaction.

Include Non-Company Agents in Auto-complete:  This setting will populate the dropdown for Non Company Agents when adding an agent to a transaction. You will want to use this if you would like to include the outside agent on a transaction. 

Agent Transactions Open Notification: This allows an agent to Pend a transaction without it being sent to Realogy. The Admin would have to go in and change the status to Pending/Open. 

Agent Transactions Cancel Notification:  This allows an agent to cancel a transaction without it being sent to Realogy. The Admin would have to go in and change the status to Canceled.

Agent Transactions Withdrawn Notification:  This allows an agent to Withdraw a transaction without it being sent to Realogy. The Admin would have to go in and change the status to Withdrawn.

Show Company $ on Agent Reports:  If yes this will allow the agents to see the Company $ on Agent Reports. Typically this is set to yes if your commission plans are calculated based on Company $.

Use Parent Agent Office for Overrides:  If you are using Transaction agent overrides and have two agents from different offices it uses the main agent's office for reporting.

Require Seller Checklist:  If yes, a Seller Checklist will be Required when entering a transaction. 

Require Seller Checklist Sold:  If yes, a Seller Checklist Sold will be Required when changing the status of a listing Transaction. 

Require Buyer Checklist:  If yes, a Buyer Checklist will be Required when entering a Buyer Transaction.

Require Buyer/Seller Source:  If yes, a Buyer/Seller Source will be Required when entering a Buyer/Seller. 

Require Contact for Referral:  If yes, when entering a Referral, you will be required to include a contact for that referral.

Require Outside Agent:  If yes, the agent on the other side of the transaction will be required to be entered. 

Agent Access to Transactions:  If yes, your agents will have access to Transactions. Your agents will be able to see their transactions under the Financial Tab or under the Transaction Tab within a Specific Contact. 

Agents Can Create Transactions:  If yes, your agents will be able to create Transactions.

Agents Can Change the Status on Transactions: If yes, your agents will be able to change the Status of their transactions. 

Agents Can Change Checklists:  If yes, your agents will be able to change the Checklist on a transaction. 

Agents Can Add Checklist Items:  If yes, your agents will be able to add individual items to a checklist on a per transaction basis.  This does not add items to the Main Checklist, only items for this specific transaction. 

Transaction Service FeePaid By:  This is a default setting that determines who is paying the Service fee, this might be overridden by the setting within your commission plans. 

Default Transaction Service Fee %:  This is a default value for the amount of the service fee being paid to Realogy. The real service fee should be entered here and not the inflated fee if Service Fee Plans are being used. 

Required Vendors Status Active:  When vendors are selected, they will be required on an Active Transaction. 

Required Vendors Status Open:  When vendors are selected, they will be required on a Pending Transaction. 

Transactions - Sales Tax

Transactions Sales Tax:  Do you need to calculate Sales Tax on Transactions, yes or no.

GST Tax Percent:  Enter the % of GST Tax? 

PST Tax Percent:   Enter the % of PST Tax?

HST Tax Percent:   Enter the % of HST Tax?

FIT Ledger Entry Type: These are set in the Lookups and used for Canadian Clients

Contra Ledger Entry Type:  These are set in the Lookups and used for Canadian Clients

Transactions - Service Fee Plans 

Service Fee Plans are used when a company is inflating the Franchise Fee that is being charged on transactions.  For instance, if the company is paying the national franchise 6% and then charging 7% to the agent. 

Use Service Fee Plans:  This setting allows you to use Service Fee Plans.

ServiceFee 1 Label:  Label for the first Service fee.

ServiceFee 2 Label:  Label for the second Service fee.

ServiceFee 3 Label:  Label for the third Service fee.

ServiceFee Income Label: Label for the Income that is being inflated. 

Transactions - Optional Fields

Optional Fields Display:  If you select the checkbox, the associated field will display in the Transaction. 

Transactions - Listing Additional Fields

These additional fields can be set up to the client’s needs.  The first 5 fields are date fields. The client can name the additional fields as they like and then a date can be selected.  The next 10 fields can be labeled as needed and then values can be assigned by using a comma delimited list which will display as a dropdown or leave blank to display as a text entry. If you want these to be required fields, type in “Select an Option” and then list the options. 

Transactions - Buying Additional Fields
These additional fields can be set up to the client’s needs.  The first 5 fields are date fields. The client can name the additional fields as they like and then a date can be selected.  The next 10 fields can be labeled as needed and then values can be assigned by using a comma delimited list which will display as a dropdown or leave blank to display as a text entry. If you want these to be required fields, type in “Select an Option” and then list the options.

Transactions - Deposit Additional Fields

These additional fields can be set up to meet the client’s need for additional fields within the Deposits section of the financial grid.  The first 3 fields are date fields. The client can name the additional fields as they like and then a date can be selected.  The next 3 fields can be labeled as needed and then values can be assigned by using a comma delimited list which will display as a dropdown or leave blank to display as a text entry.

Transactions - Managers

Default Transaction Manager (Optional): Setting a manager in this field will assign that person to every transaction as it's Transaction Manager upon creation. 

Referral Managers - Referral Managers can assign a Referral, Deduction or Transaction Fee to a Lead that is entered into the system or for a Source.