Open Balances
Can Agents view their open balances?
On a daily basis, each Agent can view their open balances in their Dashboard module to provide invaluable insights into their closed deal financials. Here is an overview of the features and benefits it offers:
Features:
- Transaction Overview: The dashboard displays open balances categorized by Transaction Date, Total Commission, Total In-house Commission, Total Paid, Total Outstanding, Total Gross, and Broker Gross Outstanding. Each column’s totals are conveniently showcased at the bottom.
- Filtering and Search: Agents can easily sift through their transaction records with filtering options, making it effortless to locate specific data. A search keyword bar further streamlines the process.
- User Selection: Agents have the flexibility to select and view transactions associated with specific users, enhancing teams and accountability.
- Accounting Status: Agents can dive into individual closed deals to examine their accounting status in detail.
Benefits:
- Financial Control: Monitoring open balances grants real estate agents a comprehensive understanding of their financial well-being. They can meticulously track their commission income to steer clear of financial pitfalls and make well-informed financial decisions.
- Cash Flow Management: By actively monitoring the commissions balances, agents can effectively manage their cash flow. Anticipating the timing of incoming payments enables them to prudently plan their expenditures, effectively avoiding cash flow shortages.
- Commission Tracking: Real estate agents predominantly earn their income through commissions derived from deal transactions. Actively tracking open balances enables agents to keep tabs on pending commissions and guarantee they receive the correct amounts owed to them.
- Reduces Reliance on Accounting Team: By utilizing our open balance card feature on their dashboard real estate agents can ultimately minimizing the need for frequent interactions with the accounting team.
Maintaining a record of the closing and opening balance in the financial accounts of your business is a pillar of strong accounting practices. What is our next enhancement planned? An Open Balance Dashboard with graphs and charts.
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About the Author
As CTO Nan is spearheading efforts to elevate the brand awareness of Slick Cactus within the commercial real estate industry.
Sep 18, 2023
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