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"Net of commission" refers to the amount of money or value remaining after all commissions or fees have been deducted. This term is commonly used in financial transactions or sales to indicate the final amount received by the seller or party after accounting for any commissions paid to intermediaries or agents. Calculating the net of commission helps determine the actual profit or value gained from a transaction, taking into account all associated costs.

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ProfBot

7mo ago

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What does Net of Commission mean. can anyone help to define please?

In insurance, it is the policy premium without the producer or broker's commission. So, if your premium is $100,000 and commission is 7%, Gross Written Premium is $107,000. Your premium net of commission is $100,000.


How do you set selling price if you know what you want to net after commission?

To set the selling price based on your desired net amount after commission, first determine the commission rate applicable to the sale. Next, calculate the selling price using the formula: Selling Price = Desired Net Amount / (1 - Commission Rate). This ensures that after the commission is deducted from the selling price, you will net the amount you intended. Adjust the selling price as needed to remain competitive while meeting your financial goals.


What will be the journal entry if you received net commission after deducting prev month gross commission?

The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX


Who is a good Realtor?

a good Realtor maximizes the money you get, net of commission, for your home.


What is a net listing in Maine?

Net Listings are Prohibited in Maine. Net Listings are a type of listing in which the agency receives, as commission, all excess money over and above the minimum sales price set by the seller.


Is the brokerage will be included in net price?

It is only in the gross price that brokerage/commission amount will be shown in the invoice.


Is commission paid on net sales or net profit?

It's not typical in any industry that pays commission. To be clear, there is a different between gross profit and gross sales. Either way, paying commission on either is not the standard.Gross profit and gross sales implies a number beforing taking out sales taxes that a company must pay.Typically, commission is paid on net profit or net sales because the "sales person" because the company has to pay the taxes and the sales person had no bearing on these taxes.Look at it this way. When tipping (which is really like paying commission) a waiter/waitress, you should tip on the amount before taxes are added not after. Taxes are a product of the state laws, etc, not the business charging the taxes. The waiter has noting to do with something the state charges.


How do you calculate commission?

That is a very open ended and very deep question. The reason I say that is because most people take a percentage of the sale and call that commission. Sales of $10,000 commission times 10% = $1000.00 commission. Nothing could be further from the truth. That is commission of gross sales..How about commission from net sales...How about a performance based commission. There are so many ways to devise a comp plan. Just make sure you know what you are actually paying in commission.


What does commission mean in math?

commission is the money paid to a salesman each time a sale is made.


What does commission rate mean in math terms?

the term commission means the amount of money you earn


Has implementation of the Sixth Pay Commission notification been issued?

Yes the implementation and notification has been signed and is uploaded on the net.


Is net premium written gross premium written less net ceded premium meaning gross ceded premium less ceding commission?

Net Premiums written = Gross Written premium less deductions for commissions and ceded reinsurance.