How to Record and Refund an Overpayment from the Title Company | Scribe

    How to Record and Refund an Overpayment from the Title Company

    • 0 steps |
    • 4 minutes
      Navigate to Brokerage Engine

      Close the Transaction

      Click "Transactions" to locate and close the deal.
      Click "Pending"
      Click the "Search Property Address" field.
      Once the file has been located, click on the "Action" button.
      Click "Commission Detail"
      The check due from the Title Company on this transaction should be of $950,000.00.
      Click "View Entries" to review the corresponding Journal Entries.
      The Journal Entries confirm the expected amount of $950,000.00, but the check received from the Title Company is of $1,000,000.00, there is an overpayment of $50,000.00.
      Click "Close"
      Click "COMPLETE" to close the transaction.
      Click "OK"
      Click "Upload to Accounting"
      Click "No" on the prompt window in order to send the deposit to Undeposited Funds.
      Click "OK"
      Click "OK"

      Create a Bank Deposit

      Click "Accounting" to make the Bank Deposit and issue the refund for the overpayment amount.
      Click "Quick Actions"
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