How to Perform After Action for a Posted Deposit with a Reversal

    • 0 step |
    • 4 minutes
      Navigate to Brokerage Engine
      This Transaction was paid to the Agent by Electronic Transfer and at Brokerage. The After Action Function can only be performed once. Additionally, when this transaction was closed, the deposit was posted to the Bank Register.

      Search and Select Transaction for After Action

      Click "Transactions" to search for the transaction to reopen.
      Click "Closed"
      Click "Search"
      Utilize the search prompt window to locate the transaction.
      In this case, we will search by Agent.
      Click "Search"
      Once the list of transactions populate, click on the "Action" button for the corresponding transaction.

      Reopen Transaction and Reverse the Main Journal Entry

      Click "Commission Detail"
      Click "Revoke"
      The prompt window will appear, click on the "Create Reversal Journal Entry" checkbox to begin the reversal process.
      It is recommended to create Reversal Journal Entries only for transactions closed during an accounting period that has been locked.
      The date for the Reversal will default to today's date. Use the small calendar icon to pick another date.
      Click "OK"
      Click "Toggle Dropdown" to reopen the transaction.
      Click "Reopen"
      Click "OK"
      Click "OK"

      Modify the Transaction

      In this case, we will add a referral to an outside company. Click on the "Referral" button.
      Click the "+ Add Referral" button.
      Click "-- Select Brokerage --" to select the outside company from the dropdown menu.
      Click this number field to add the referral amount.
      Once the information has been completed, click the "Save" button.
      Click "OK"
      The Referral is now displayed on the Distribution section. Additionally, a payable has been created for the outside company.

      Review the Journal Entries for the Transaction

      Click "Accounting" to review the Journal Entries.
      Click "Banking"
      Click "Journal Entries"
      Click the "Search Ref No." field to find all the Journal Entries related to the Transaction, including the Journal Entry for the Deposit.
      The Journal Entries will then display. The Main Journal Entry, in this case dated 04/10/2023, will have the initials "JE" at the end of its Ref No. The Deposit Journal Entry, in this case dated 04/10/2023, will have the initial "D" at the end of its Ref No. The Reverse Journal Entry, in this case dated 04/14/2023, will have the initials "RJE" at the end of its Ref No.
      You can further review the Journal Entries by clicking on the Action button.

      Reclose the Transaction and Upload to Accounting

      Navigate to the Commission Detail page for the Transaction and click the "COMMISSION_VERIFIED" button.
      Click "OK"
      Click "CDA_SENT"
      Click "OK"
      Click "OK"
      Click "COMPLETE"
      Click "OK"
      Click "Upload to Accounting"
      The "Upload Data to your Accounting System" prompt window will appear. The Revised Main Journal Entry will have the date of the revision. Please note that the deposit date will match the date of the original deposit. This date can be modified, if need be.
      Click "OK"
      Click "OK"

      After Action

      The After After Action Checklist will appear. Select the corresponding checkbox to prompt the system to automatically remove any newly created unbatched payments from the EFT payments in the Work Queue.
      Click the checkbox for the system to link the now lower bill amount to the higher bill payment already distributed to the Agent
      Selecting this checkbox will create an overpayment invoice for the Agent, to cover the Referral amount.
      Click "Process"
      Click "OK"

      Review the Transaction in the Agent's Vendor and Customer Profiles

      Click "Accounting"
      Click "Vendors"
      Click the "Search Vendor" field and type the Agent's name.
      Click "Nicolas Ortega (V)"
      Click "Transaction List"
      The Transaction is display with the original amount paid.
      Click "Sales"
      Click "Customers"
      Click the "Search Customer" field and type the Agent's name.
      Click the "Action Button" to see the profile.
      Click "Transaction List"
      Click the "Action Button" to view the Overpayment Invoice.
      The amount being tracked for 1099 will be reduced by the Overpayment Invoice.

      Review of Final Journal Entries

      Click "Banking"
      Click "Journal Entries"
      Click the "Search Ref No." field to search for all the Journal Entries associated with the Transaction.
      The list will display the new Main Journal Entry.
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