How to Perform After Action Paid at Title for a Transaction Deposited with a Reversal
54 steps
|
6 minutes
1
Navigate to Brokerage Engine.
This Transaction was paid to the Agent at the Title Company. Additionally, when this transaction was closed, the deposit was sent to Undeposited Funds and then recorded. The After Action Function can only be performed once.
The Title Settlement Clearing Banking Account must be configured on Brokerage Settings to be able to perform After Action Paid at Title.
To reverse the Main Journal Entry, the "Close the Books" setting in the BE Configuration Panel must first be enabled to lock the books. For an overview of the Configuration Panel, please click on [this link](https://help.brokerageengine.com/support/solutions/articles/43000700568-how-to-set-up-the-configuration-panel).
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The deposit for the transaction.
Search for the Transaction
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Click "Advance Search"
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Type at least 4 characters and click "Search"
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Click the Action button to navigate to the transaction.
Revoke and Reverse the Transaction
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From the Commission Click "Revoke"
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Click "Create Reversal Journal Entry"
It is recommended to create Reversal Journal Entries only for transactions closed during an accounting period that has been locked.
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It is suggested that the Reversal Post Date be the same date that the transaction was first uploaded to Accounting, for easier reconciliation.
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Click "OK"
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Click "OK"
Reopen the Transaction
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Click the arrow to display the dropdown menu.
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Click "Reopen"
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Click "OK"
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Click "OK"
Modify the Transaction
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In this case, we will add a referral to an outside company. Click on the "Referral" button.
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Click the "+ Add Referral" button.
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Click "-- Select Brokerage --" to select the outside company from the dropdown menu.
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Click this number field to add the referral amount.
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Once the information has been completed, click the "Save" button.
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Click "OK"
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The Referral is now displayed on the Distribution section. Additionally, a payable has been created for the outside company to be paid by the Brokerage.
Reclose the Transaction and Upload to Accounting
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Click the "COMMISSION_VERIFIED" button.
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Click "OK"
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Click "CDA_SENT"
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Click "OK"
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Click "COMPLETE"
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Click "OK"
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Click "Upload to Accounting"
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The "Upload Data to your Accounting System" prompt window will appear. The Revised Main Journal Entry will have the date of the revision.
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Click "OK"
After Action
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The After After Action Checklist will appear. The system will automatically select the corresponding checkboxes to remove any newly created payments from the EFT payments in the Work Queue and the Print Check Queue. Additionally, the system will link the now lower bill amount to the higher bill payment already distributed to the Agent by the Title Company. In order for the Brokerage to recover the Referral Amount, the system creates overpayment invoices.
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Click "Process"
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Click "OK"
Revise the New Main Journal Entry
The New Main Journal Entry needs to be revised to account for the modifications done to the Transaction.
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Click "Accounting" to navigate to the Accounting module.
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Click "Banking"
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Click "Bank Register"
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Select the Title Settlement Clearing Account from the dropdown menu.
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Click on the search field and type the address of the transaction.
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On the Bank Register, we will find the Original Main Journal Entry in the amount of $6,697.50. The New Main Journal Entry is in the amount of $6,563.55 due to the modifications in the transaction. The New Main Journal Entry needs to be manually adjusted.
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Click on the Action Button.
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Click on the "Add Line" button in order to add a debit line.
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Click on the "Add Line" button in order to add a credit line.
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Select your Undeposited Funds Account from the dropdown menu.
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On the credit text field, type the difference between the Original Main Journal Entry and the New Main Journal Entry (6,697.50-6,563.55=133.95)
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Select your Title Settlement Clearing Account from the dropdown menu.
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In the debit text field, type the same amount as your credit column.
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Click the trash bin icon to delete any extra lines.
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Click "Save"
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Click "OK"
Verify Entries on the Bank Register
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Click "Bank Register"
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Click "1999 - Title Settlement Clearing Account"
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Search by the Property Address.
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The revision will now display on the Bank Register.
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Since the Title Settlement Clearing Account is a wash account, its balance should remain at "0".
