Advances, Loans & Garnishments

In this article, we will review how to process Advances, Loans & Garnishments in SkySlope Books.

Important: At this time, the Advances, Loans, Garnishments screens can be used for logging these items but don't have the functionality to process the accounting side, follow the instructions below to learn more.

Advances

Step One: Create Bill for Advance

Note: You will first want to make sure you have a Product/Service created for Advances 

1. Navigate to Purchases (A/P) > Bills

2. Click +Create in the top right-hand corner of the screen

3. Complete all relevant fields

• Bill#: If applicable, enter a bill number
• Vendor Name: Add the agent that is receiving the Advance
• Bill date: Enter any applicable date
• Payment Terms: When payment needs to be completed by
• References: If applicable, add reference number
• Items +: Add the Product/Service created for Advances and Rate (amount of advance)
• Click Create as Open

Note: The bill has now been created, however, you will still need to process the payment as shown in step two below

Click here to learn all about creating bills!

Step Two: Process Payment

When you are ready to process the payment for the advance to the agent, follow the steps below

1. Navigate to Purchases (A/P) > Bills, locate the bill you created, and click on the line item

Tip: Use the Vendor Name filter to search for the agent

2.  Click on Payment Options in the bottom right-hand corner of the screen

3. Select the appropriate payment option based on how you will be processing the advance to the agent

• Direct Deposit
• Print Check
• Record Payment 

Click here to learn all about payments on bills!

Step Three: Create Invoices for Advance Repayment

Create Invoice for Agent for Repayment

• Create Invoice for replaying of the advance from agent to brokerage
• Deduct from Deal
  • Invoices date: Add the date
  • Customer: Add the agent who received the advance payment
  • Allow to deduct from deal: Leave this checked
  • Item:
    • Product Service: Add the same product/service that was added to the Bill
    • Payment Terms: Add due date for repayment
    • Accepted Forms of Payment: Available for payments via credit card/bank account via the Payload integration
    • Rate: Add the amount of advance  
    • Click Create and select the appropriate option

Click here to learn all about creating invoices!

Loan

Here is how to add a loan to the brokerage from a third party into Books.

Step One: Create Product/Services and Ledger Accounts

• Ledger Account: First create the appropriate ledger account setup as Liability
• Product/Service: Create Product/Services
  • • • Create one product/service for the loan associated with the Liability ledger account
      • Create one product/service for payment of interest associated with an Expense account

Step Two: Create an Invoice  

• Invoice date: Date loan was funded
• Customer: Add the name of the lender
• Payment Terms: When the payment is due and payable
• Allow to deduct from deal: Uncheck
• Accepted forms of payment: Available for loan funding via the Payload.co integration
• Items: Add the product/service created
• Rate: Enter the amount of the loan
• Click the Create dropdown and select the appropriate option

Learn all about creating invoices by clicking here!

Step Three: Record Payment

After receiving the loan funds from the lender, you will need to record the payment for the invoice. 

Note: If the invoices was paid via the Payload.co integration, you can skip this payment.

• Click on the Invoice line item you created
• Select Record Payment in the bottom right-hand corner 
• Complete the Payment Mode, Payment Date, Ledger Account the funds were deposited to and click Continue
• The Invoice status will update to Paid

Learn all about recording payments on invoices by clicking here!

Step Four: Create a Bill or Recurring bill for Repayment of the Loan 

Depending on the payment terms, you can utilize the Bills screen to create a recurring bill or create a bill manually each month.  If creating a recurring bill and the monthly payment will change, you will need to edit the bill each month to update the amount.

• Title: Add a title 
• Repeat Every: Select the appropriate option
• Recurring Bill only:
  • Start on: When the recurring bill should start
  • Ends on: When the recurring bill should end
• Customer: Add the name of the lender
• Payment Terms: When the payment is due each month
• Items:
  • Product/Service: 
    • • Payment line: Add the same product/service for the loan that you added to the invoice
        • • Rate: Add the rate for payment due w/o interest
      • Interest: Add product/service for interest
        • • Rate: Add the rate for the interest due
• Click Create

   Reminder: If a Recurring Bill is created, you may need to edit the bill each month to adjust the                   amounts due.

Learn all about creating bills by clicking here!

Step Five: Payment on Bills

When you are ready to process the payment, follow the steps below.

1. Navigate to Purchases (A/P) > Bills, locate the bill you created, and click on the line item

Tip: Use the Vendor Name filter to search for the lender

2.  Click on Payment Options in the bottom right-hand corner of the screen

3. Select the appropriate payment option based on how you will be processing the advance to the agent

• Direct Deposit
• Print Check
• Record Payment 

Click here to learn all about payments on bills!

Garnishment

• Please contact your Customer Success Manager or the Support team so they can discuss options to setup a Commission Plan/Rule for Garnishments

Updated October 23, 2024 15:50