Keller Williams Realty International. Monthly Checklist. Susan Cook Stacia Thompson

Transcription

1 Keller Williams Realty International Susan Cook Stacia Thompson

2 Acknowledgments The author(s) gratefully acknowledge the assistance of the following individuals in the creation of this course: Norma Vranken Antoinette Perez Rose Jamison Mary Cook Cheryl Studer Paula Hoeft Mimi Hagan Rita Landry Michelle Heidt Jo Lynn Bozer NOTICES While Keller Williams Realty International (KWRI) has taken due care in the preparation of all course materials, we cannot guarantee their accuracy. KWRI makes no warranties either expressed or implied with regard to the information and programs presented in the course or in this manual. This manual and any course it s used as a part of may contain hypothetical exercises that are designed to help you understand how Keller Williams calculates profit sharing contributions and distributions under the MORE System, how Keller Williams determines agents compensation under the Keller Williams Compensation System, and how other aspects of a Keller Williams Market Center s financial results are determined and evaluated. Any exercises are entirely hypothetical. They are not intended to enable you to determine how much money you are likely to make as a Keller Williams Licensee or to predict the amount or range of sales or profits your Market Center is likely to achieve. Keller Williams therefore cautions you not to assume that the results of the exercises bear any relation to the financial performance you can expect as a Keller Williams Licensee and not to consider or rely on the results of the exercises in deciding whether to invest in a Keller Williams Market Center. If any part of this notice is unclear, please contact Keller Williams legal department. Material excerpted from The Millionaire Real Estate Agent appears courtesy of McGraw Hill Publishers. The Millionaire Real Estate Agent is copyright Rellek Publishing Partners, Copyright notice All materials are copyright 2008 Keller Williams Realty International. No part of this publication and its associated materials may be reproduced or transmitted in any form or by any means without the prior permission of Keller Williams Realty International KELLER WILLIAMS REALTY, INC. 1

3 TABLE OF CONTENTS Overview 3 Task #1: Review Associate Anniversary Dates 4 Task #2: Invoice your Associates 5 Task #3: Bank Reconciliation 14 Task #4 and #12: Payroll 18 Task #5 and #13: Vendor Payments 23 Task #6: Print Unclosed Memos to Associates 25 Task #7: Review Roster 26 Task #8: Associate Payments 27 Task #9: All Associates File 32 Task #10: Print Profit Share Statements 34 Task #11: Check Profit Share Returns 35 Task #14: Backup and Optimization Program KELLER WILLIAMS REALTY, INC. 2

4 Overview The is a tool to be used to keep track of your monthly tasks. Be sure to download the and use it as a guide KELLER WILLIAMS REALTY, INC. 3

5 Task #1: Review Associate Anniversary Dates 1. REVIEW ASSOCIATE ANNIVERSARY DATES- 1 st OF THE MONTH Using the YTD Production report, update commission splits for associates at their anniversary month. Print a DA list to update unposted DAs WinMORE Each month, review the YTD Production report to determine if any agent that has capped is starting a new anniversary year. Update the commission splits for the associate at their anniversary month. Once you have updated the cap information, update any unposted DA s. Note: See MCA Skills-Agent Caps for more information on updating agent commission information and unposted DA s. Step 1 In WinMORE, click Print and select YTD Closed Production. Review the last column labeled Fiscal Month to determine which agents are celebrating their anniversary KELLER WILLIAMS REALTY, INC. 4

6 Task #2: Invoice your Associates 2. INVOICE YOUR ASSOCIATES- 10 TH OF THE MONTH Edit the associate invoice for current month and or print the invoice to your associate. MYOB On the 10 th of the month, invoice your associates for items such as: Consortium/Technology fees Copies Office Rental Long Distance/Voice Mail Transaction/E&O fees Any Market Center Dues Special Note: See MCA Skills- KWAR for a quick and easy way to invoice your associates KELLER WILLIAMS REALTY, INC. 5

7 Task #2: Invoice your Associates Step 1 To set up the initial invoice for new agents, click Sales and Enter Sales. Step 2 Click the drop-down menu next to Customer and a pop-up list of your associates will appear. Double-click the associate name you want to bill or click the New button to add a Customer Card for your new associate KELLER WILLIAMS REALTY, INC. 6

8 Task #2: Invoice your Associates Step 3 To enter the invoice information, enter the item units in the Shipped field and hit the tab key three times to display a list of your items. Double-click the correct item and tab through the line item. Repeat this until all billing items for this associate are included on the AR invoice. Step 4 Review your entries and then click the Save Recurring button to save this invoice as a template for the next month s billing KELLER WILLIAMS REALTY, INC. 7

9 Task #2: Invoice your Associates Step 5 Schedule this recurring invoice with a Frequency of Monthly and Remind Every Month on the 10 th. Click Save Template. Note: To edit any recurring transactions, select List in MYOB and click on Recurring Transactions KELLER WILLIAMS REALTY, INC. 8

10 Task #2: Invoice your Associates Bill Existing Associates Using Recurring Sales Templates: Step 1 To bill your existing agents, click To Do List and then click Recurring Sales. Click the Arrow to the left of the associates name to open the invoice. Step 2 Make any necessary changes to Shipping (quantity) or add new line items. Click Record to print the invoice. Note: See the next page to the invoice KELLER WILLIAMS REALTY, INC. 9

11 Task #2: Invoice your Associates Applying outstanding credits After recording the bills, but before ing or printing statements, apply any credit the associate may have. Step 1 Click Sales and Sales Register. Step 2 Select the Returns and Credits tab. Click on the agent and click Apply to Sale. Step 3 Apply the entire amount to the open bill. If there is still a credit, you will receive a message stating this will result in a credit memo. Click ok. Note: If you do not apply the entire amount of the credit to the current bill, any excess credit will be listed as a Finance Charge KELLER WILLIAMS REALTY, INC. 10

12 Task #2: Invoice your Associates ing Invoices to Associates: To the invoice to an associate, click the Send To button at the bottom of your screen and click . Your bill is now ready to be ed directly to your associate. You can edit the message if needed, click Send KELLER WILLIAMS REALTY, INC. 11

13 Task #2: Invoice your Associates Note: If you use Outlook or Outlook Express (and possibly with Eudora as well) you ll see the following message appear. Click Yes to send the with the invoice attachment to your associate KELLER WILLIAMS REALTY, INC. 12

14 Task #2: Invoice your Associates Printing invoices to paper for your Associates: Click Sales Print Invoices. Enter: In the Forms Selection window enter: Form Layout Item Sales Status Open Selected Form for Sale MYOB Plus s Plain Paper Invoice Click OK. The Review Sales before Printing list appears. Please review it and make sure you see a X next to an invoice for each of your associates. Make sure your printer is ready and then click Print KELLER WILLIAMS REALTY, INC. 13

15 Task #3: Bank Reconciliation 3. BANK RECONCILIATION By the 2 nd week of the month, you should receive the Bank Reconciliation Statement Make sure all checks have been entered and there are no skips in the check sequence. Review bank reconciliation reports with your Team Leader who should then initial approval on the reports. MYOB Bank Statements By the 2 nd week of the month, you should have received the bank statements for all of the market center cash accounts (operating, depository, escrow, etc.). Many banks even offer an online service. Print the statement from the online program if needed. IMPORTANT NOTE: If there are errors in the reconciliation or bank service charges that were not entered into MYOB, you MUST open the bank reconciliation month and enter these corrections. Open the month by clicking on Setup Preferences Security and change the Lock Period to the month previous to the one you are reconciling. Code ALL bank rec adjustments to account Bank Reconciliation Adjustments. This will allow you to make the corrections without changing your transmitted financial statement balance sheet KELLER WILLIAMS REALTY, INC. 14

16 Task #3: Bank Reconciliation Step 1 Click the Reconcile Accounts button in the Banking Command Center window. Select the Cash Account you wish to reconcile. Enter the New Statement Balance (ending cash balance shown on your Bank Statement) and the date of the bank statement. Click each item that cleared the bank in the reconcile period. Step 2 If there are any bank service charge items, missing checks, debits, etc. on the bank statement that are NOT in MYOB you ll need to enter them into MYOB before you can successfully complete and close out the bank reconciliation. Click Bank Entry and enter a Service Charge adjustment coded to Bank Reconciliation Adjustments. If there are missing deposits, credits, etc., enter a bank entry Interest Earned adjustment coded to Bank Reconciliation Adjustments. Note: Code ALL prior month s bank charges to Bank Reconciliation Adjs. WinMORE will not allow you to transmit if a prior month s Income Statement is changed KELLER WILLIAMS REALTY, INC. 15

17 Task #3: Bank Reconciliation Step 3 Once your bank reconciliation is in balance, click the Reconcile button in the right-hand corner of your screen and then click the Print Report button. File this report with your bank statement. Then click the Reconcile button to complete this task. Step 4 Close the month by clicking on Setup Preferences Security and change the Lock Period to the month previous to the current transmittal month. This is a very important step! You will not be able to make any changes to the prior month s records once the month is locked KELLER WILLIAMS REALTY, INC. 16

18 Task #3: Bank Reconciliation Step 5 IMMEDIATELY enter a JE dated within your current transmittal month to move the bank charge adjustments out of the Balance Sheet Bank Reconciliation Adjustment account and to the appropriate expense or other income account(s) KELLER WILLIAMS REALTY, INC. 17

19 Task #4 and #12: Payroll 4. PAYROLL TH of the Month Set up your new employee Card Information. Create their paycheck. Process the checks. Review the paychecks for accuracy with your Team Leader. Review the Tax Liability report and enter a Purchase payable to your bank for the IRS Form 941 deposit. Deposit check for the IRS within Federal deposit rules. Refer to IRS Circular E. MYOB Note: This task is only completed if you use MYOB to processes your payroll. It is recommended that payroll is processed on the 15 th and last day of the month. If you choose to pay every other week, you will need to remember that twice a year you will have 3 pay periods in one month. This creates a much larger salary expense in those months. By setting up a bi-monthly payroll schedule, you have a more equal salary expense every month and you do not disrupt profit share. Step 1 To set up new employees in MYOB, click Card File and Card List KELLER WILLIAMS REALTY, INC. 18

20 Task #4 and #12: Payroll Step 2 Click on a record to edit the existing information, or click New to create a new card. Step 3 Enter the card type (employee), designation, name, address and phone numbers. Note: With the assistance of the Market Center CPA, continue through the tabs and fill in the required fields for your area KELLER WILLIAMS REALTY, INC. 19

21 Task #4 and #12: Payroll Processing Paychecks Step 1 Click Pay Employees in the Payroll Command Center window. Step 2 Click all employees paid or process individual employees. Select the payment date and pay period and click Next KELLER WILLIAMS REALTY, INC. 20

22 Task #4 and #12: Payroll Processing Paychecks (continued) Step 3 Select the paychecks to record or edit. Click Record when you are ready to process the payroll checks. After click you record, you can print the reports KELLER WILLIAMS REALTY, INC. 21

23 Task #4 and #12: Payroll Printing Paychecks Step 1 After recording the paychecks, you can print from the edit paychecks window, or Click the Print Paychecks button in the Payroll Command Center window. Step 2 Enter the beginning check number and select the paychecks you are printing and click Print KELLER WILLIAMS REALTY, INC. 22

24 Task #5 and #13: Vendor Payments 5. VENDOR PAYMENTS 15TH OF THE MONTH Your AP To Do List will pop up with a list of vendor invoices that are to be paid on the 15 th. Click in the Action column next to each listed vendor invoice that you wish to pay today. Click Pay Bills and these vendor payments will now be listed in the Banking Print Checks list ready to be printed. MYOB Print an Aging Summary report by clicking on the Command Center Reports button and then click the Purchases Tab. This report will help you decide which vendors you want to pay today. Or you can view the To Do List and click the button on top of the last column of the AP To Do List to select all invoices due and then click Pay Bills. Step 1 Click Purchases and Pay Bills to set up payment of vendor invoices. Do not use Banking Spend Money to pay your bills. If you use Spend Money, the payments will not close out the invoices you entered and it will appear as if the Market Center still has unpaid invoices KELLER WILLIAMS REALTY, INC. 23

25 Task #5 and #13: Vendor Payments Step 2 Click the Vendor field drop-down menu and select the vendor. Click the Amount field and enter the total check amount. Then click in the Amount Applied field for the invoice(s) you want to pay today. In this example, only one of the two invoices for this vendor is selected for payment. Click Record to save the entry. Note: When you are ready to print the checks, go to Purchases and Print Checks. This shows you all of the checks that have been recorded and need to be printed. Make sure the check numbers match the checks you are putting in the printer. Once you have printed the checks, the check numbers can not be changed in MYOB KELLER WILLIAMS REALTY, INC. 24

26 Task #6: Print Unclosed Memos to Associates 6. PRINT MEMOS TO ASSOCIATES ON UNCLOSED (TRANSACTIONS)- 3 RD WEEK OF THE MONTH Under the Print menu, print Memos to Associates on Unclosed to paper. Distribute memos to associates. When updated memos are returned to you, update the DAs accordingly. WinMORE This report prints, on one page per associate, a list of their pending DA s that have an expired closing date. The memo requests your associates to give you an update on the expected closing date or mark the DA as a TNC (terminated) if the transaction is a dead deal. Distributing these memos and entering the new dates will keep your EOM Projection Report as current as possible. Step 1 In WinMORE, click Print and Memos to Associates on Unclosed. Step 2 Distribute the memos to the associates. When the memos are returned, update the DA s with the new closing information. Note: See MCA Skills-Daily Checklist for more information on updating DA s KELLER WILLIAMS REALTY, INC. 25

27 Task #7: Review Roster 7. LOGIN TO THE KW INTRANET AND PRINT THE ROSTER- 3 RD WEEK OF THE MONTH Confirm the information for your Market Center is correct. Send roster corrections to KWRI at roster@kw.com. KW Intranet During the 3 rd week of the month, print the KWRI Roster from the KW Intranet site. Step 1 Log on to the KW Intranet Site. Click Roster Tools and click Find/Edit Offices. On the resulting screen, enter your Market Center number and confirm the information for your market center is correct. You can also print an associate roster by selecting find/edit associate and enter only the office number in the resulting screen. Note: Send any corrections to roster@kw.com 2008 KELLER WILLIAMS REALTY, INC. 26

28 Task #8: Associate Payments 8. RECEIVE ASSOCIATE PAYMENTS- 20 TH OF THE MONTH (Or the date set by your Market Center) Make sure all associates pay their invoices by the date set by your Market Center (KWRI recommends payment received by the 20 th of the month). Ideally your AR-Associates account should have a zero balance at the end of the month. Charge a late fee for past due associate invoices based on documented and approved agreements created by your Team Leader and ALC. MYOB Keep in mind that the KW Model is Accounts Receivable Agents at end of month should be zero! Our associates are expected to pay their bills on time just like the market center is expected to do. Step 1 Click Sales and Receive Payments. Do not use Banking Receive Money to collect your agent bills. If you use Receive Money, the payments will not close out the agent invoices you entered and it will appear as if the agent still has unpaid invoices KELLER WILLIAMS REALTY, INC. 27

29 Task #8: Associate Payments Step 2 Select the correct Deposit to Account number and check Group with Undeposited Funds. Click the Customer drop-down menu and double-click the correct associate s name. Step 3 Enter the Amount Received from the associate. Tab to the Amount Applied column next to each invoice paid with this associate check. If the agent pays more than the invoice total, you will need to put the FULL AMOUNT that they have paid in the Amount Applied column. If you do not, MYOB will default the extra as a finance charge. Click Record to save the entry KELLER WILLIAMS REALTY, INC. 28

30 Task #8: Associate Payments Step 4 If this associate is prepaying before an invoice is created, go to the Sales Command Center and click Enter Sales. Enter nothing in the invoice section and enter the prepaid amount in Paid Today. Click Details and enter the agent s check number and notes. Click OK. Click Record and a warning message appears. Click OK. This will create a credit for the agent to use on a future invoice KELLER WILLIAMS REALTY, INC. 29

31 Task #8: Associate Payments Step 5 Once all the Customer Payments are entered for a particular associate AR bank slip, go to Prepare Bank Deposit on the Banking Command Center window Step 6 Remember to go to Sales Register Returns and Credits to apply any agent prepayments when the associate is issued an invoice in the future KELLER WILLIAMS REALTY, INC. 30

32 Task #8: Associate Payments Refund Associate Sales Overpayments: This procedure is only used when an associate overpays on their account and you need to refund the overpaid amount the associate leaves your market center and has a credit balance on their account. Step 1 Click Sales Register Returns and Credits. Highlight the associate s credit. Step 2 Click the Pay Refund button and a Settle Returns and Credit screen displays. Review the information and if it is correct, click Record. Step 3 Go to Banking Print Checks and print the refund check KELLER WILLIAMS REALTY, INC. 31

33 Task #9: All Associates File 9. DOWNLOAD THE ALL ASSOCIATES FILE AND LOAD IT INTO THE WinMORE SYSTEM st of each month Download All Associates File. In the WinMORE System, under Month_End start the Load All Associates program Print the list of transfer and sponsor changes made to your WinMORE ASSOCIATES records when prompted and then you will be automatically logged out of the program. Use the printed list to determine which outstanding Associate Transfers or Sponsor Changes are now ready to be completed. If there are no changes to your associates, nothing will print. WinMORE On the 21 st of each month, download the All Associates file. The All Associates file contains the latest updates to associate information and upgrades to WinMORE. Step 1 In WinMORE, click Month End and Download All Associates and Statements. Step 2 When the download is complete, click Month-End and Load All Associates KELLER WILLIAMS REALTY, INC. 32

34 Task #9: All Associates File Step 3 WinMORE displays the following message. Click OK. Note: This prints the Associate Changes Log. Click Send the report to the printer. WinMORE automatically logs the user out of the program when the Load All Associates completes. Click OK to exit WinMORE. You can immediately reopen the program and complete the processes for any pending Associate Transfer, Sponsor Error Correction, or Sponsor Change forms using the printed Associates Changes Log KELLER WILLIAMS REALTY, INC. 33

35 Task #10: Print Profit Share Statements 10. PRINT PROFIT-SHARE STATEMENTS st of each month Print and distribute by the end of the day. Mail statements to Vested/Retired Associates. WinMORE If an agent in your market center recruited someone to a profitable market center and earned profit sharing, they will have a Profit Share Statement. The Profit Share Statement provides details regarding the agent s profit share amount. After the All Associates download on the 21st of each month, you must print the Profit Share Statements for the associates receiving profit share direct deposits in your Market Center. Please print two copies of this report every month. Distribute one copy to the associate s who received profit share direct deposits and retain a set in your Transmittal file for the appropriate month. Step 1 Click Print and select Statements. Be sure to print 2 copies. Note: If the Profit Share Statement file was not downloaded for the month requested, an error message appears on the screen: Note: If you see this message, open the KW FTP site and, using the KW Download connection, download the file from the [From National], [All Associates] area KELLER WILLIAMS REALTY, INC. 34

36 Task #11: Check Profit Share Returns 11. CHECK PROFIT SHARE RETURNS FROM / KW INTRANET On the 26 th of the month and again on the 1 st of month look for an (see sample below) from KWRI finance@kw.com informing you of incorrect WinMORE Associate Bank Info. Contact the associate s listed in the , obtain correct bank info, and enter it into the WinMORE Associate record before the next transmittal. If an amount is shown in the , KWRI was not able to Direct Deposit the Associate s profit sharing. KWRI will deposit the total owed to Associate(s) into the Market Center bank account. You will need to enter a deposit for the amount coded to It is important to cut checks to the Associate coded to to zero it out. Profit Share Returns can also be checked through the KW Intranet. Intranet On the 26 th of the month and again on the 1 st, an is sent with information regarding any incorrect bank information for associates. If there is an amount listed, KWRI was not able to directly deposit the amount into the account. Contact the associate, and update their banking information before the next transmittal KELLER WILLIAMS REALTY, INC. 35

37 Check Profit Share Returns Checking for Profit Share Returns Online Log on to the KW Intranet Site. Select the My Information tab and click Office Information and click Profit Share Returns. On the resulting screen, you will see any profit share returns. Note: This report contains archived data. You will see items that have been fixed in previous months KELLER WILLIAMS REALTY, INC. 36

38 Task #14: Backup and Optimization Program 14. Schedule a FULL financial data backup of your computer s hard drive. Download the Backup and Restore Guide from Run the MYOB Optimization Program. MYOB Backing up Your Files Schedule a FULL financial data backup of your computer s hard drive. Download the Backup and Restore Guide from: Optimizing Your Files Over time, your MYOB company file will grow considerably in size. As you enter transactions and then delete or purge them, the file will retain unused areas that once contained the transactions you've gotten rid of. These unused areas can affect the efficiency with which Plus works with your company file. They also consume space on your hard disk that can be used for other purposes. You should use the MYOB Optimization Assistant to remove unused areas in the company file and keep your accounting software running in top form. You can optimize your data file at any time KELLER WILLIAMS REALTY, INC. 37

39 Task #14: Backup and Optimization Program When to Optimize your Files The Optimization Assistant should be used whenever you delete many transactions or other records from your company file. In particular, it should be used after you complete any of these tasks: Starting a new fiscal year Starting a new payroll year Purging sales, purchases and journal entries In addition, you may want to use the Optimization Assistant regularly if the transactions you enter are changeable and you frequently change them. Step 1 In MYOB, click File and select Optimize. Step 2 MYOB will create an optimized copy of the company file. Click OK KELLER WILLIAMS REALTY, INC. 38

40 Task #14: Backup and Optimization Program Step 3 There is a series of screens as MYOB optimizes your file. Once complete, click OK. Questions? Please KWMCAngel@kw.com 2008 KELLER WILLIAMS REALTY, INC. 39