Deductions can be set up to be applied against both the agent and office commission. Below is a guide on how to add a deduction and manage your deductions.
Step by step
1. Navigate to Financials > Setup/Configuration
2. Click on the Deductions tab > Add New Deduction
3. You are then able to enter in below deduction details:
- Description: - The name of the deduction that you would like to apply
- Classification: - The type of property this deduction can be applied to when processing a sale i.e. Residential, commercial, rural etc
- Type: - Whether this is a Fixed Fee or a Percentage of the amount the deduction is going to be applied to
- Fee/Percent: - The desired amount or percentage to automatically apply when the deduction has been added (This can be updated manually at the time the deduction is applied)
4. Once you have added all the deduction details, you can click on Save to add in the deduction
6. Deductions can then be applied throughout various sections of Vault, including pre-distribution deductions, agent deductions and agent expense deductions. More information on the process of applying deductions can be found via the Applying Deductions knowledge article
5. You also have the option to update/remove existing deductions by clicking on Edit on the right-hand side