New process Protection Royale

From January 2024, the procedure for billing Protection Royale insurance will change.

Protection Royale will now be charged as a transaction fee. Billing directly through the shield

system should no longer be used.

Protection Royale will be invoiced to the agency on the same invoice as the 1% at the beginning of the month for the previous month’s transactions.

NOTE :

• All current open deals in the system will be done with the new procedure (transaction fees).
• All insurances that were purchased before 2024 and the transactions that are still open in the system must be billed again using the new process. Octave will refund the purchased protection on the credit card used.

Create GL accounts

Create general ledger account in your Income (For the protection claimed on the commission payment of the agents) and in Expenses (when the brokerage pay the RLP invoice at the beginning of the month).

From the menu Accounting >> Financial Configuration >> GL Accounts >> Actions >> New GL Account

Incomes

Code : Use a code from your Incomes section in the same number sequence. Ex. If your incomes are in the numbers 4000 follow the same sequence.

Name (Description) : Protection Royale Fees

Account Type : Incomes

Sub-Account Type : None or Departments if you have more than one office

Financial Statement Group : Administration Revenues

Expenses

Code : Use a code from your Expenses section in the same number sequence. Ex. If your expenses are in the numbers 4000 follow the same sequence.

Name (Description) : Protection Royale Fees

Account Type : Expenses

Sub-Account Type : None or Departments if you have more than one office

Financial Statement Group : Operating expenses

Create a Commission Deduction Category

From the main menu, Real Estate >> Real Estate Configuration >> Commission Deduction Categories >> Actions >> New Commission Deduction Category

Step : Commission Fees

Description : Protection Royale Fees

Special Category : Empty

Calculate on : Deduction

Add the Fee to all Protection Royale members Agents

From the main menu, Real Estate >> Real Estate Configuration >> Agents or by the Icon

or

Actions >> Commission Deduction

Gene ral Section

Category : Protection Royale Fee

Description : Protection Royale Fee

GL Code : (Incomes) Protection Royale Fees

Select the Protection Royale members Agents and transfer them to the right column.

Do not edit anything the Application Criteria Section

Charges Section

Deal >> Seller’s Agent >> Amount 192.93

Deal >> Buyer’s Agent >> Amount 192.93

Shared Column >> Fairly (If you have more than one agent of the office in the same transaction the fee will be divided fairly)

Do not edit anything in Limiting Factors Section

You can now complete transactions and the Protection Royale fee will be charged. If the fee should not be charged for a certain reason, set the fee to 0.00 when you do the commission calculation.

NOTE : The following transactions are not eligible for Protection Royale

• Commercial
• New Property
• Rental