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Inventory Center - Manage Sales Rep Commissions and Bonuses

Inventory Center - Manage Sales Rep Commissions and Bonuses

In this article:

About Sales Reps Commissions and Bonuses

Lasso gives you the ability to set up specific commission structures for each sales rep as well as record commission and bonus payments. You can also override commissions when necessary. Commission based on a percentage is calculated on Total Sales Revenue.

Commission structures include options to pay on the following:

  • Contract Status – Firm, Closed, or both
  • Assigned Inventory Units only or each sale, regardless of assignment
  • Fixed dollar amount or percentage
  • Start and End Date or for the life of the Project
  • Standard Bonus fixed dollar amount or percentage

Add Sales Rep Commission Structure

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions to Structures and select Add Structure.

2 – Beside Sales Rep, select the sales rep from the dropdown list.

3 – Beside Structure Type, select the commission structure from the dropdown list Choose from the following:

  • 50/50 – 50% commission owed when contract status is Firm and 50% owed when contract status is Closed. 
  • 100% (Firm) – 100% commission owed when contract status is Firm. 
  • 100% (Closed) – 100% commission owed when contract status is Closed.

4 – Check the box beside Assigned Inventory if commission applies only  when the sales rep is assigned to a unit. If the box is unchecked, commission will apply to the sales rep whenever any unit within the project is sold, regardless of whether the sales rep is assigned to the unit or not.

5 – Beside Commission Type, select whether the commission is to be calculated as a Percentage of the Total Sales Revenue or a Fixed Dollar Amount

6 – Depending on your Commission Type selection, complete the Commission Percent or Commission Fixed field.

7 – Select the Start Date that commission is to begin. 

8– Select an End Date if applicable. Leave blank is commission structure is perpetual.

9 – If a Selling Bonus is applicable, select the Bonus Type

Note: To activate the selling bonus for a unit, click on the unit, click on the name of the sales rep, and then select Yes beside Selling Bonus.

sellingbonus.gif

10 – Depending on your Bonus Type selection, complete the Selling Bonus Percent or Selling Bonus Fixed field and Save.

The Sales Rep’s Commission Structure will be added to the Commission Structures list.

Add Sales Rep Bonus

1 – In the Inventory Center, hover over Sales Rep to Financial to Bonuses and select Add Bonus.

2 – Beside Sales Rep, select the sales rep from the dropdown list. 

3 – Beside Inventory, select the unit.

4 – In the Amount space, enter the dollar amount of the Bonus.

5 – Select the Date Given.

6 – In the Reason space, enter a reason for giving the Bonus and Save.

The Sales Rep Bonus will be added to the Bonuses list.

Record Sales Rep Commission Payment

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions to Payments and select Make Payments.

2 – Under Payment Setup, select the sales rep.

3 – A list of Payments that are owing to the selected sales rep will come up. Check the box(es) beside the unit(s) for which you would like to record payment(s). The payments will automatically populate the Commission Payments, Bonus Payments, and Total Payments fields.

4 – Enter the amount of the total Commission Payment in the Check Sum field.

Note: The amount you enter must match the amount in the Total Commission field in the Total Payments column on the right.

5 – Under Record Payment, select the Payment Date if different from the current one.
6 – Select a Check Number from the dropdown or enter a number in the New field.

Note: Check numbers that are entered and saved will appear in the dropdown.

7 – Enter Comments in the space provided if desired and Save.

Warning: Once a commission payment is recorded, it cannot be edited or deleted.

The Commission Payment(s) will be listed on the Sales Rep Commission Payments screen as well as in the Commission Report.

Override Sales Rep Commission for Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. (You won't see Component tabs if there is only one.)
2 – Click on the unit in the Inventory List.

3 – Hover over Other Actions and select Overrides.

4 – Click on Add Override.

5 – Select a sales rep in the Sales Reps field.

6 – Select the unit in the Inventory field.

7 – Select the dollar Amount or Percentage of the Override.

8 – Enter a Reason for the Override in the space provided.

9 – Select an Override Date if different from the current one and Save.

The Override will be listed on the Commission Overrides page.

Override Sales Rep Commission for Project

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions to Overrides and select Add Override.

2 – Select the sales rep in the Sales Reps field.

3 – Select the unit in the Inventory field.

4 – Select the dollar Amount or Percentage of the Override.

5 – Enter a Reason for the Override in the space provided.

6 – Select an Override Date if different from the current one and Save.

The Override will be listed on the Commission Overrides page.

Update/Edit Sales Rep Commission Structure

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Structures.

2 – Click on the sales rep's name.

3 – Update the commission details as needed and Save.

 

Update/Edit Sales Rep Bonus

1 – In the Inventory Center, hover over Sales Rep to Financial and select Bonuses.

2 – Click on the sales rep's name.

3 – Update the details as needed and Save.

Update/Edit Sales Rep Commission Override for Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Hover over Other Actions and select Overrides.

4 – Under Commission Overrides, click on the sales rep's name.

5 – Update the details as needed and Save.

Update/Edit Sales Rep Commission Override for Project

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Overrides.

2 – Under Commission Overrides, click on the sales rep's name.

3 – Update the details as needed and Save.

Delete Sales Rep Commission Structure

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Structures.

2 – Click on the sales rep's name.

3 – Click Delete.

4 – You will be asked if you’re sure you want to delete the commission structure. Click OK.

The sales rep’s commission structure will be removed from the project. 

Delete Sales Rep Bonus

1 – In the Inventory Center, hover over Sales Rep to Financial and select Bonuses.

2 – Click on the sales rep's name.

3 – Click Delete.

4 – A message will come up asking if you’re sure you want to delete the bonus. Click OK.

The sales rep bonus will be removed from the project and all associated reporting.

Delete Sales Rep Commission Override from Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Hover over Other Actions and select Overrides.

4 – Under Commission Overrides, click on the sales rep's name.

5 – Click Delete.

6 – A message will come up asking if you want to delete the override. Click OK.

The commission override will be removed from the project.

Delete Sales Rep Commission Override from Project

1 – In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Overrides.

2 – Under Commission Overrides, click on the sales rep's name.

3 – Click Delete.

4 – A message will come up asking if you’re sure you want to delete the override. Click OK.

The commission override will be removed from the project.

View Sales Rep Commission Structures

In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Structures.

This will bring up a list of Sales Rep Commission Structures.

View Sales Rep Bonuses

In the Inventory Center, hover over Sales Rep to Financial and select Bonuses.

This will bring up a list of all Sales Rep Bonuses.

View Sales Rep Commission Payments

In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Payments.

This will bring up a list of the Sales Rep Commission Payments that have been recorded.

View Sales Rep Commission Overrides for Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Hover over Other Actions and select Overrides.

This will bring up a list of Commission Overrides for the unit.

View Sales Rep Commission Overrides for Project

In the Inventory Center, hover over Sales Rep to Financial to Commissions and select Overrides.

This will bring up the list of Commission Overrides.