How to Record and Refund an Overpayment from the Title Company
27 steps
|
2 minutes
1
Navigate to Brokerage Engine.
The overpayment amount should be recorded directly in the Accounting module. \ \ The Transaction in the Commission module must reflect the amount that should have been received from the Title Company to ensure the records uploaded to Accounting are accurate.
2
Click "Accounting" to navigate to the BE Accounting interface.
Record the Deposit
3
Click the "Quick Actions" menu.
4
Click the "New Bank Deposit" option.
5
The Account listed will be the Default Operating Account selected on the Configuration Panel. A new Bank Account can be selected using the dropdown menu.
6
The date will default to today's date. A new date can be selected using the small calendar icon.
7
A Payment Method can be selected using the dropdown menu.
8
Click the "Add Line" button under the "Add Funds to this Deposit" section.
9
Since the Overpayment Deposit is refundable and represents an obligation to return funds, create or use an existing Clearing Liability Account often labeled as "Refundable Deposits" or "Deposits Received" in your Chart of Accounts.
10
Use the "Description" field to add the address of the Transaction.
11
Use the "Amount" field to type the amount of the overpayment.
12
Select a Class using the dropdown menu.
13
Click "Save"
14
Click "OK"
Create the Refund Bill
15
Click the "Quick Actions" menu.
16
Click the "New Bill" option.
17
Select the Vendor using the dropdown menu.
18
The Bill date and Due Date will default to today's date. A new date can be selected using the small calendar icon.
19
Use the "Bill No." field to type a reference number.
20
Select the Liability Account used to record the Deposit using the dropdown menu.
21
Use the "Description" field to add the address of the Transaction.
22
Use the "Amount" field to type the amount of the overpayment.
23
Select the Class using the dropdown menu.
24
Click "Save"
25
Click "OK"
Pay the Bill
26
Click "Make Payment" to process the refund.
27
When processing the Bill Payment, ensure that the Bank Account selected is the same one where the Overpayment Deposit was recorded.
