RENTALS: Closing Our Tenant Rentals

RENTALS: Closing Our Tenant Rentals

Steps to close rental transactions that are less that a year lease and you are representing the tenant (so the rental is not already in darwin) are as follows:

  1. Click Properties menu
  2. Click New to add a new property
  3. Click add property manually
  4. Click Start
  1. Choose Company from the drop down
  2. Choose status Pending from the dropdown
  3. Enter an MLS number
  4. Enter pending date and est. close date
  5. Choose type-code from the drop down
  6. Choose the accounting code that matches the rental that you are entering
  7. Choose property type from the drop down
  8. Enter the rental unit address
  9. Click Add
  1. Scroll down a bit and check the box exclude from: submission
  2. Click box next to sell agent then click the magnify glass to search
  3. Enter a portion of the agent's name
  4. Click the agent's name that rented the property to add the agent as the "sell agent"
  5. Click save
  1. Click People submenu
  2. Enter in Landlord's name for seller info
  3. Enter in Tenants name for Buyer info

It is always best practice to Search for an existing Buyer/Seller person type before adding a new Buyer/Seller person type; Cuts down duplication!

  1. Click Commission submenu
  2. Enter the Selling price = Rent for 12 months
  3. Enter the Commission price = the check amount received
  4. Enter in commission info for your side
  5. Enter in commission info for co-broke side
  6. Click save
  1. Click plus sign to add a co-broke office
  2. Click plus sign to add a co-broke agent
  3. Click plus sign to add any co-list agents within your office
  1. Click Agent Net Sell submenu
  2. Check that the calculation from AGCI to Agent Net are as expected (Company $ gets 50%)
  1. Click Post submenu
  2. Select the date that you are entering the rental as closed in your system as the Post date for accounting
  3. Click Record Payments Received
  4. Select one payment or multiple payments
  5. Enter check # and memo
  6. Click Record ALL Payments as a single deposit item..... and select the commission bank account to deposit into
  7. Click post button (at top of screen)

    • Related Articles

    • RENTALS: Closing Our Landlord Rentals

      Steps to close rental transactions that are less that a year lease and you are representing the Landlord (so the rental is already in darwin Cloud with status "Active") are as follows: Search for the Active Rental Listing Click Properties menu Click ...

    • Closing a Transaction in darwin Cloud

      All transactions will be closed/Posted in darwin Cloud. If you are an Anywhere Real Estate Inc. franchisee, the closed transaction will be submitted immediately to dash when Posted. ePay will be updated shortly thereafter. The three critical topics ...

    • Apply Agent Payments Deducted from Closing

      darwin Cloud, like all accounting systems, lets users use Accounts Receivable credits to clear unpaid invoices. In accounting terms, it’s called “applying” a credit to an invoice. When a credit is applied to an invoice, both the invoice and the ...

    • How to Review Agent's 1099 Paid at Closing

      When an agent is paid at the closing by the Escrow Company or Title Company, a 1099 will be issued to used for the 1099 calculation. darwin Cloud will be able to track the agents' earned amount even if they are paid at closing. How to review the ...

    • How do I Record Commission Deposits Received after the Closing

      Normally, the receipt of commission deposits is done while user is closing a transaction on the screen: Properties > Post. If user doesn't record the commission received at that time, this article will explain how to record the record it later. ...