How to Perform After Action for a Transaction Deposited with a Reversal
62 steps
|
5 minutes
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 not posted and was sent to Undeposited Funds instead. The Bank Deposit was then recorded.
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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Navigate to Brokerage Engine.
Locate the Transaction
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Click "Transactions"
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Click "Closed"
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Click "Search"
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Click this dropdown menu to select the name of the Agent.
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Click "Search"
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Once the list of Transactions populate, click on the "Action" button to edit.
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Click "Commission Detail"
Since the Transaction has been Deposited, then it cannot be revoked without the Deposit being deleted.
Deleting Deposit in QuickBooks Online
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Navigate to QuickBooks Online.
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Click on the gear shaped menu icon.
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Click "Chart of accounts"
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Click "View register" of the Account where the Deposit was recorded.
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Locate the Deposit and click on the row to open the Transaction.
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Click the "Delete" button.
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Click "Yes"
Reopen Transaction and Reverse the Main Journal Entry
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Click "Revoke"
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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.
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Click this date field to select the date and then click the "OK" button.
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Click "OK"
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Click "Toggle Dropdown" to reopen the transaction.
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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"
Reclose the Transaction and Upload to Accounting
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Click "COMMISSION_VERIFIED"
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Click "OK"
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Click "CDA_SENT"
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Click "OK"
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Click "TITLE_PAYMENT_RECEIVED"
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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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Click "No" to Post the Deposit.
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Click "OK"
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Click "OK"
After Action
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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.
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Click the checkbox for the system to link the now lower bill amount to the higher bill payment already distributed to the Agent
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Selecting this checkbox will create an overpayment invoice for the Agent, to cover the Referral amount.
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Click "Process"
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Click "OK"
Redeposit the Funds
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Click "Accounting"
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Click "Quick Actions"
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Click "New Bank Deposit"
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Select the Account to Deposit from the dropdown menu.
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Select the date of the Deposit by clicking on the small calendar icon and the Payment Method from the dropdown menu .
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Click here to select the Journal Entry for the Deposit.
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Click "Save"
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Click "OK"
Review the Transaction in the Agent Customer Profile
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From the "Sales" tab, click "Customers".
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Click the "Search Customer" field.
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Click on the "Action" button at the end of the row or on the name of the Agent.
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Click "Transaction List"
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Click the "Action Button" to view the Overpayment Invoice.
Review of Final Journal Entries
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Click "Banking"
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Click "Journal Entries"
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Click the "Search Ref No." field to search for all the Journal Entries associated with the Transaction. The Journal Entries will then display. The old and new Main Journal Entry, will have the initials "JE" at the end of its Ref No. The Reverse Journal Entry, will have the initials "RJE" at the end of its Ref No.
