The Finalization Worksheet is a settlement statement that you can use to finalize a sale with your client. The worksheet outlines income and expenses as well as the final amount for you to pay your client based out he logged expenses and configured commission rates that you set for each sale.
Follow the steps below to generate the finalization worksheet.
1. Select the client sale that you are interested in from the main dashboard.
2. Select the green button titled "View Finalization Worksheet".
This printout will provide a finalization worksheet for a specific sale that is intended to be reviewed with your client. That summary will include the following values:
- Total Revenue from Receipts (1) = a total of line item revenue including tax
- Finder Fee Items (2) = total value of finder fee items entered
- Sales Tax (3) = a total of tax collected on the line item revenue
- Buyer Premium/Fees (4) = any buyer fees applied during the sale
- Company Paid Client Expenses (5) = total client amount for expenses entered
- is based on expenses configured on the sale expenses tab
- Service Fee (6) = service fee the client owes based on the settings and performance of sale
- is based on minimum service fee settings on the sale commission tab
- if the minimum amount is met AND the option to apply the service fee to the sale is ON, then the service fee line will be $0
- if the minimum amount is met AND the option to apply the service fee to the sale is OFF, then the service fee will be the entire minimum service fee amount
- if the minimum amount is NOT met, then the service fee amount will be the (company commission split amount - the minimum amount). Note that the company commission split amount comes from the commission's table without the finder fee being considered
- Commissions & Fees (7) = company commission split amount + company finder fee split amount
- is based on commissions and finder fee items configured on the sale commission tab
- Total Owed to Client = is calculated by (1) + (2) - (3) - (4) - (5) - (6) - (7)
Below the summary, there is a listing of Expenses and Commissions (including finder fee items).
There are two ways to run this printout.
1) Go to the sale dashboard, then clicking the "View Finalization Worksheet" button at the bottom.
2) You can also run the worksheet when you change the status of a sale to the "is final" status and save.