SASK Payout - Calculating PST on Selling Side Transaction

The brokerage represents the sellers, and the lawyer is on the buyers side

The brokerage will receive the commission amount of the seller’s agent portion + 100% of the PST of the total commission receivable.

• In the transaction >> C ommission receivable section, Total commission (2 sides + GST + PST) needs to be entered.

NOTE:

• The brokerage will receive their commission portion + 100% PST of the total commission receivable.

• The external brokerage will receive their commission portion directly by the lawyer

• In the transaction >> Commission Distribution section, both commission sides need to be entered.

Commission Calculation

• In the transaction, click on Actions >> Close this Deal.

• Opposite the external brokerage, click on Processing without Cashing.

Warning

DO NOT edit the deposit amount. The deposit amount = Portion A (Seller’s agent commission) + GST (5%) + PST (6%). EX: The deposit amount = $10500.00 + $500.00 + $600.00 = $11000.00 The PST amount of portion B will be added at another step.

• Proceed with the rest of the commission calculation as usual.

NOTE : If you have 3 bank accounts, at the payment step, you need to add the PST amount of Commission amount Portion B inBalance Transfer.

Edit Deposit to add the PST amount

• In the transaction >> Summary of Banking Transactions Section, Click on the General Bank Account and click on the deposit reference number.

• Once you are in the deposit, Action >> Edit deposit

• GL Account >> 23003.rec. >> Description : Copy/paste Address >> Amount : PST Portion B.

• Your total deposit amount need to match with the lawyer cheque/transfer.