BC Payout - The Office Holds ALL Funds in Trust and Pay External Referral – Excess Situation

We Hold ALL funds in Trust and Pay External Referral – Excess Situation

• Go to your transaction and look for a negative amount in the “Summary of Commissions Receivable” section.

• Now, click on the Open Wallet icon

to display the New Payment Preparation page.

• In the Seller /Buyer field, start typing the name of the person you want to refund the deposit and select it from the drop-down list. If you need to reimburse a Lawyer or an Other Depositor , type the name in the appropriate field.

• Select the account to refund the funds from (account where trust is held) in the Payment Method field and click on the Check Mark button.

• In the Address - Receipt of Trust Deposit field, start typing the address of the deal in question, select it from the drop-down list and press the TAB key on your keyboard.

• System will display and pre-select the Payment Amount to refund to the client. You also have the possibility of changing this amount to the amount that you need to give as excess.

• Confirm the amount matches with the excess amounts in bottom right corner and click on Submit.

• If you click on Submit , the system will create a reminder on your home page notifying you that you have a payment in preparation that you can process later.

• If you print cheques, select Submit & Print and the system will then proceed to the next screen where it will request a cheque number and allow you to print the cheque.

• The excess funds will now be refunded in the system.

• Now go to your transaction and make sure the referral to pay to the external office is in the "Commission Distribution" section.

• The deposit from the client will also be showed in the transaction.

• At this point, your trust bank account in the transaction will display the client deposit (total funds in trust).

• Click on Actions >> Close this Deal.

• Leave all the commission amounts in the $ Payable on this Calculation column because you are paying everyone in the file.

• You need to transfer funds from the trust account to the commission trust account.

• The amount to transfer = Total funds in trust less the referral amount (including taxes) you need to pay to the external office.

NOTE: The $ To Transfer + Release Funds amounts should equal the total commission needed on deal.

• Click on Submit.

• Make sure the commission fees proposed by the system for each of your agents are correct. If needed, override the fees by entering the amount you want in the appropriate field.

• eZmax will also display the referral that will be paid to the external office.

• If the amounts are all correct, click on Submit.

• You will then be redirected to the deduction on the cheque page.

• Validate the deductions you want to apply. If everything looks correct, click on Submit.

• Your agent will be paid from the commission account.

• The system will propose to transfer funds from commission trust account to your general account based on the deductions you choose.

• You will not transfer funds from the trust account, so don’t enter any amount in that section.

• When you get to the "External Agency" section, the Payment Method has to be "Trust Account".

• Click on Submit.

• If you want to see the bank account activity in your transaction or generate the Closed Trade Record sheet, you need to go back to your transaction.

• If you use grouped deposits, make sure you have processed your deposit. Otherwise, it will be "Pending" and won’t affect the transaction.

• Go to the "Summary of Banking Transaction" section at the bottom of your transaction.

• You will be able to see the activity in all bank accounts.