Overview
Outlines some accounting best practices that Adeptive has found over the years. This document is meant to be suggestive. Each customer will need to make decisions based on what is best for their needs and should consult with their underwriter(s) or other auditors on preferred methods for capturing accounting data or reconciliation processes, as the auditors may have a preference and those preferences supersede Qualia’s recommendations.
Reconciliation Frequency
Reconcile daily, close monthly (recommended)
- Pros
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Catch errors quickly, while employees are more likely to remember what happened.
- Deposits that haven’t made it to the bank in a timely manner are more obvious and easier to find.
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Users are less likely to void checks that have cleared, since they will be reconciled on a daily basis and Resware doesn’t allow cleared checks to be voided.
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Reconciliation time is spread out throughout the whole month, rather than done in one large time frame at the beginning of the month.
- Underwriters tend to prefer daily reconciliations.
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The reconciliation stays open for the whole month, so any errors in the reconciliation process that are still within the month can be fixed without deleting and reopening prior reconciliations.
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- Cons
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There’s no proof, based on closed dates, that accounts are reconciled daily.
- This may be difficult for customers who can’t get prior day’s activity from their bank.
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- Method
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Each day, obtain the prior day’s activity from the bank.
- Edit the existing, open reconciliation in Resware.
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Enter the prior day’s date as the ending date in the Date Range field and the prior day’s ending balance in the Ending Balance field.
- Click Edit Cleared Entries.
- Clear all the items on the bank’s activity, either by importing the activity (BAI or CSV) or manually, and save the cleared items.
- Make sure the Adjusted Difference is $0.00.
- Save.
- Repeat each day of the month, changing the ending date and ending balance every day.
- When the last day is balanced, click Close Reconciliation.
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Reconcile daily, close daily
- Pros
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Catch errors quickly, while employees are more likely to remember what happened.
- Deposits that haven’t made it to the bank in a timely manner are more obvious and easier to find.
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Users are less likely to void checks that have cleared, since they will be reconciled on a daily basis and Resware doesn’t allow cleared checks to be voided.
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Reconciliation time is spread out throughout the whole month, rather than done in one large time frame at the beginning of the month.
- Once a day is reconciled, changes cannot be made.
- Underwriters tend to prefer daily reconciliations.
- There’s proof, based on closed dates, that accounts are reconciled daily.
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- Cons
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If any changes need to be made to a previous day within the same month (e.g. the wrong $1,000 deposit was cleared), it’s not possible to do without deleting all the reconciliations between the current day being reconciled and the day when the error was made. All of those reconciliations would need to be redone with the error was fixed.
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Not all of the reports are as readily available for the entire month if the reconciliation is closed daily as they would be if the reconciliation were closed at the end of the month. The data can still be obtained, but it may need to be gathered in a different way.
- This may be difficult for customers who can’t get prior day’s activity from their bank.
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- Method
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Each day, obtain the prior day’s activity from the bank.
- Create a New reconciliation.
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Enter the prior day’s date as the ending date in the Date Range field and the prior day’s ending balance in the Ending Balance field.
- Click Edit Cleared Entries.
- Clear all the items on the bank’s activity, either by importing the activity (BAI or CSV) or manually, and save the cleared items.
- Make sure the Adjusted Difference is $0.00.
- Click Close Reconciliation.
- Repeat each day of the month. This will result in a closed reconciliation for each day of the month.
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Reconcile monthly, close monthly
- Pros
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The reconciliations will match the statements coming from the bank, which may be easier for customers who have difficulty getting prior day’s activity from their bank(s).
- This allows time for corrections within the month to be made without deleting and reopening prior reconciliations.
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- Cons
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Errors, such as funds receipted into incorrect files or deposits that don’t make it to the bank, are typically not caught as quickly.
- Allows for the possibility of checks that have cleared to be voided, since the file will not show checks within the month as cleared.
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Reconciliation time is done one lump amount of time, which may attribute to additional time constraints at the beginning of the month, if there is a specific time frame in which reconciliations need to be completed.
- Customers must wait for bank statements to be completed and sent from their banking institutions.
- If there are reconciliation errors, such as missing an item that should be cleared or clearing an extra item, they are harder to find.
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- Method
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Each month, get a bank statement from the bank.
- Create a New reconciliation.
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Enter the ending date of the bank statement in the Date Range field and the ending balance on the bank statement in the Ending Balance field.
- Click Edit Cleared Entries.
- Clear all the items on the bank statement.
- Make sure the Adjusted Difference is $0.00.
- Click Close Reconciliation.
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Adjusting Items on Bank Statements and Reconciliations
These are items that are not related to files and need to be created to have reconciling items to match the bank’s activity. These items will either be corrected on the next reconciliation or have been corrected within the current reconciliation. If items related to files need to be adjusted, these adjustments should be done in the file(s).
Non-file transactions (recommended)
- Pros
- Easily searchable
- Both the original entry and the correcting entry are entered
- Adjustments are retained, just as any other financial item
- Items will have cleared dates
- Items are visible to users who have access to non-file transactions
- Cons
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Adjustments are not specifically displayed on reconciliation reports when they’re entered in non-file transactions, as they are part of the non-file transaction file balance
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- Method
- Identify items that are considered adjustments on bank activity.
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These are typically wires that were sent to the wrong account and need to be returned or fees that were charged to a settlement account that will either be refunded by the bank or paid by the operating account.
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If something can be identified as being related to a file, e.g. a check was issued for $37.05 and cleared for $37.50, it should be fixed in the file.
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An item that will not be corrected by the bank (e.g. it’s not likely that the $.45 in the above example is going to be corrected) can be voided and reissued to match what happened at the bank and the “loss” amount would be reimbursed from the operating account.
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An item that will be corrected by the bank (e.g. if, in the example above, the check was issued for $37.05 and cleared for $3,705.00), the difference can be added to the Trans After Closing tab of the file and issued to be used for reconciliation purposes. When the reimbursement from the bank happens, that would then also be added to the Trans After Closing tab of the file to use for reconciliation purposes and to put the file back balance.
- Go to Accounting/Non-File Transactions and select the ledger that’s tied to the bank account that’s being reconciled.
- Click New Incoming or New Outgoing, depending on the type of transaction.
- Set the date to the date the transaction occurred.
- Select a partner.
- Select the Type.
- These are defined in Admin/Accounting/Transaction Types/(select the ledger)/Non-File Transactions
- Select the Method.
- Enter a dollar Amount.
- Enter a Memo. This will help identify the reason for the adjustment in the event that an auditor wants more information about it.
- Enter any other information that may be pertinent or necessary, based on the type of transaction being entered.
- Save.
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When the adjustment is corrected, enter the correcting entry, which would typically be the opposite kind of transaction (e.g. if the original item was an outgoing transaction, the correcting entry would be an incoming transaction).
Reconciliation Adjustments
- Pros
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Adjustments show on the reconciliation panel, when the reconciliation containing the adjustment is viewed.
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Bank and book adjustments created on the reconciliation have corresponding reports and are displayed separately from other transaction.
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Cons
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The proper way to correct these adjustments is to remove them; there’s no history of the correcting entry.
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If the adjustment and correction both occurred within the same reconciliation period, there isn’t a way to record this using reconciliation adjustments, since they net to zero.
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Previously created adjustments that have been resolved may be difficult to find, as users would have to search for them in Accounting/Search Transactions to determine in which reconciliation they were created.
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To determine where an adjustment was corrected, users will have to open every reconciliation after the adjustment was created until it’s no longer there to determine where it was removed. It’s assumed that the adjustment being removed means that it was corrected.
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- Method
- Identify items that are considered adjustments on bank activity.
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These are typically wires that were sent to the wrong account and need to be returned or fees that were charged to a settlement account that will either be refunded by the bank or paid by the operating account.
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If something can be identified as being related to a file, e.g. a check was issued for $37.05 and cleared for $37.50, it should be fixed in the file.
- Edit the reconciliation for this bank account.
- In the Adjustments section, select a Side, Category, and Type, based on the transaction.
- Enter a Ref Date and an Amount.
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The Bank Info, Book Info, and To Correct fields will be populated based on the Type selected. If this is not accurate, change these.
- Save.
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The adjustment will show in its respective quadrant and be separated onto its own report as long as it’s associated with a reconciliation.
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When the adjustment is corrected, edit the current reconciliation, highlight the adjustment, and click Remove.
Trial Balances Report
From View/Reports (recommended)
- Pros
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The As of date can be set to any date.
- All trial balance reports for all accounts can be generated from the same screen
- Trial balance reports can be generated based on Settlement Coordinator
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This is especially useful if a settlement coordinator is no longer employed, as their specific files that are out of balance can be identified and fixed quickly.
- Reports can be generated to only include files for specific partners.
- Reports can be set to display only overdrawn files.
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- Cons
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Trial balance reports generated from the View/Reports menu are not generated with the reconciliation reports.
- Users without the role right for View: Reports will not have access to the reports in this area.
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- Method
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Go to View/Reports.
- Set the As of date.
- Select any other pertinent criteria, like the Bank Account.
- Click Generate.
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From Accounting/Reconciliation
- Pros
- A trial balance report generated from the reconciliation will be included with the other reconciliation reports.
- Cons
- The trial balance report is limited to the ending date of the reconciliation.
- Users who don’t have rights to view reconciliations will not have rights to generate the report using this method.
- There aren’t any options to include or exclude data from the report using this method.
- Method
- Go to Accounting/Reconciliation and edit a reconciliation.
- Click on the Ending Book/Trial Balance link.
Posting Fund Claims to Files
This is only pertinent for customers using a Fund Claims integration. It’s also possible to not use any auto-posting functionality and to manually claim or post wires from Fund Claims to files.
Auto-post wires to files as pending receipts (recommended)
- Pros
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Wires are automatically matched to files when they are imported into ResWare.
- A trigger can be set to fire when a wire is matched to a file, which will notify users that a wire has been received.
- Users who navigate to the Settlement/Postings tab will see the pending wire(s) in separate grid.
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The settlement lines that make up the expected receipt are not locked until the wire is linked from the file to the expected receipt.
- Pending wire receipts can be rejected from files without voiding a receipt.
- File doesn’t need to be balanced; amounts don’t need to match exactly.
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Cons
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A user has to finish claiming the wire to the file.
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- Method
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Enable the following office options:
- Accounting: Fund Claims: Auto-Post: Post as Pending Receipt
- At least one of the following:
- Ledgers: Fund Claims: Auto-Post Wires by Borrower Last Name
- Ledgers: Fund Claims: Auto-Post Wires by File Number Only
- Ledgers: Fund Claims: Auto-Post Wire by File Number or Loan Number
- Settlement: Display Pending Wires on Settlement Postings Tab
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When a matching wire is imported into Resware, it will be linked to the file and displayed in the Pending Receipts grid on the Settlement/Postings tab.
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Finish balancing the file. When the file is balanced, complete the claim by highlighting the pending receipt, the expected receipt to which it should be linked, and clicking Claim Wire/Post.
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Auto-post wires to files as fully receipted
- Pros
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Wires are automatically matched to files when they are imported into Resware.
- A trigger can be set to fire when a wire is matched to a file, which will notify users that a wire has been received.
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- Cons
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The settlement lines that make up the expected receipt are locked as soon as the wire is linked to the file, which means they cannot be changed once the wire is received.
- Rejected a wire from the file will required the user to void a receipt.
- File must already be balanced, because the expected receipt amount must match the wire amount exactly.
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- Method
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Enable at least one of the following office options:
- Ledgers: Fund Claims: Auto-Post Wires by Borrower Last Name
- Ledgers: Fund Claims: Auto-Post Wires by File Number Only
- Ledgers: Fund Claims: Auto-Post Wire by File Number or Loan Number
- When a matching wire is imported into Resware, it will be receipted against the expected receipt it matches.
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Collecting Revenue Funds From Settlement Files
Disbursing as wires or checks from each file (recommended)
- Pros
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Funds come from the file that closed.
- Easy to track the money.
- Disbursements can be grouped into one check or wire.
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- Cons
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Users will need to be trained not to print these checks or issue these wires unless they’re supposed to be issued on a file-by-file basis.
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These disbursements will remain in either the Accounting/Print Checks or Accounting/Review Outgoing Wires queue until they’re issued.
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- Method
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If revenue funds will be disbursed as a wire and the only disbursements made to this specific partner will be for revenue:
- Edit the partner and click Wire Information.
- Click Default to Wire when Disbursing.
- Click Automatically Flag Outgoing Wires as and select a flag type.
- This will add a flag to these wires and help differentiate them from other wires in the Accounting/Review Outgoing Wires queue.
- Flags can be created in Admin/Accounting/Wire Flags.
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Disburse revenue funds to the company as either a check or a wire using Disburse All or by selecting the disbursement and clicking Disburse Single. This can and should be done when the rest of the disbursements from the file are being made.
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Leave the disbursements in the disbursements queue; do not issue them with the rest of the disbursements for the file.
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At a predetermined frequency (e.g. daily, weekly), the responsible party (likely someone from the accounting team) will go to either Accounting/Print Checks or Accounting/Review Outgoing Wires and sort the items by the Transactee column.
- Select all of the disbursements for the company and select Combine, if the disbursements are wires, or Combine, Print Selected, if the disbursements are checks.
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If the disbursements are wires and a wire flag is being used, there is an office option for Accounting: Enable Auto-Combine and Auto-Disburse Wires Once Per Day that can be enabled. Enabling this office option will provide an option on the wire flag to automatically combine and set wires with this flag to Needs to be Initiated or Needs to be Issued. Please contact Support at support@resware.qualia.com for more information about this option.
- Complete the disbursement process by issuing the wire or printing the check.
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NOTE: It’s recommended that users do not have the user role for Ledgers: Void Combined Checks/Wires if this process is used. Voiding one disbursement within a combined check/wire will void the entire check/wire and all of the disbursements that make up the check/wire, which will require all of the files that make up the check/wire to be disbursed on a file-by-file basis. Depending on the number of files that were combined, this could take quite a long time and be a cumbersome process.
Transferring funds to a “revenue holding” file
- Pros
- Revenue funds are out of the closing file as soon as the file is disbursed.
- There isn’t a risk of disbursements getting issued before they should be; they wouldn’t be waiting to be issued in Accounting/Print Checks or Accounting/Review Outgoing Wires.
- Cons
- New holding files need to be created relatively frequently, as the transfers will take increasingly longer to take and may appear, to users, to cause Resware to freeze.
- If a new holding file is not created frequently enough and users force-close Resware because they think it’s frozen, it will cause transfers to not be fully completed, which will cause file balance and reconciliation issues.
- Revenue is not easily tracked back to the file from which it was earned.
- Method
- Create a file to use as a holding file.
- Edit the partner that is used on the settlement lines where revenue funds are collected.
- Go to Vendor Management and click on Auto-Transfer.
- Select the settlement Ledger in the drop down.
- Select the Settlement Ledger on File Number radio button and enter the file number of the revenue file.
- The previous two steps will need to be completed for each settlement ledger in the system.
- When a new revenue file is made, the file number will need to be changed.
- Click Save.
- When funds are disbursed to this partner, they will be automatically transferred to the specified file.
- A receipt will be automatically created on the holding file.
- At a predetermined time (e.g. daily, weekly), go to the Settlement/Postings tab of the revenue file and change all the disbursement lines to Group.
- Disburse the funds.
Remittances
Transferring fees to the remittance ledger in Resware (recommended)
- Pros
- Remittances are split out of the disbursements to the title company, which means they are not included in revenue on the financial statements.
- Remittances are kept separate from revenue and settlement funds after the closing, which underwriters tend to prefer.
- When the remittance ledger is used, Resware will create the disbursement to the underwriter to match the reported remittance amount for the file when the remittance report is created.
- It is easy to determine which files remitted more or less than expected by running a trial balance report for the remittance ledger.
- It is easy to determine how much in remittance funds the company is holding for each underwriter.
- Cons
- If remittance funds are being transferred to a separate account (recommended), these funds will still need to be moved from one account to another.
- These disbursements will stay in the disbursement queue, either Accounting/Review Outgoing Wires or Accounting/Print Checks, until a user combines the disbursements and finishes the disbursement process.
- Method
- Set the remittance information on the underwriter for each state.
- Set the remittance splits on the Hold for Remittance partner.
- This partner should be used so the disbursements are made to this partner. The remittances will still be calculated based on the underwriter setup and all the documents will still be correct.
- If the underwriter is used, the disbursements will be made to the underwriter and the accounting processes will not be as transparent as they could be, since the funds will actually be deposited into a company account and not sent to the underwriter at this time.
- Set an auto-transfer to the remittance ledger on the Hold for Remittance partner.
- When funds are disbursed to this partner, a receipt will be created on the remittance ledger.
- If the settlement and remittance ledgers share the same bank account (not typically recommended), and the auto-transfer setup includes the option for Use Transfer Instead of Wire when Using Same Bank Account, the funds will be marked as transferred and the process is complete. The following steps are not necessary.
- At a predetermined frequency (e.g. daily, weekly), the responsible party (likely someone from the accounting team) will go to either Accounting/Print Checks or Accounting/Review Outgoing Wires and sort the items by the Transactee column.
- Select all of the disbursements for the Hold for Remittance partner and select Combine, if the disbursements are wires, or Combine, Print Selected, if the disbursements are checks.
- Complete the disbursement process by issuing the wire or printing the check.
- NOTE: It’s recommended that users do not have the user role for Ledgers: Void Combined Checks/Wires if this process is used. Voiding one disbursement within a combined check/wire will void the entire check/wire and all of the disbursements that make up the check/wire, which will require all of the files that make up the check/wire to be disbursed on a file-by-file basis. Depending on the number of files that were combined, this could take quite a long time and be a cumbersome process.
- Issue policies.
- When it’s time to report policies to the underwriter, go to Accounting/Remittance/Remittance Export and enter the criteria for the report.
- Preview the report to review it for any problems.
- When the report is satisfactory, click Create Export. This will cause Resware to create disbursements for each file on the report and generate a report to send to the underwriter.
See the Remittance Ledger job aid on the user group site for more information on how to set up and utilize the remittance functionality in Resware.
Paying remittances outside of Resware
- Pros
- When the remit report is exported, creating the payment may be easier than combining disbursements together and balancing the amount to the report, since it will just be keyed into the system being used for the payments.
- Cons
- Remit expense is included in revenue fees to the company, rather than split from the total on Settlement/Postings.
- Remit payments are not linked to the files where the policies are created or remitted.
- Underwriters typically dislike their remit funds being included in operating funds.
- It’s difficult, if not impossible, to determine which files have collected too much or not enough remittance funds and make the necessary adjustments.
- Method
- Set the remittance information on the underwriter for each state.
- This will be needed for the remittance report.
- Do not create a fee group for remittance splits.
- The file will show the full premium amount(s) to the company.
- Disburse these files as needed.
- Issue policies.
- When it’s time to report policies to the underwriter, go to Accounting/Remittance/Remittance Export and enter the criteria for the report.
- Preview the report to review it for any problems.
- When the report is satisfactory, click Create Export. This will mark the policy as Remitted on the file.
- In the system used for paying remittances, create the payment.
Recording Fees
Transferring fees to the recording fees ledger in Resware (recommended)
- Pros
- Recording fees are split out of the disbursements to the title company, which means they are not included in revenue on the financial statements.
- Recording fees are kept separate from revenue and settlement funds after the closing, which underwriters tend to prefer.
- When the recording fees ledger is used, Resware can create the disbursement to the recording partner by using the import transactions functionality.
- It is easy to determine which files had higher or lower recording fees than anticipated by running a trial balance report for the recording fees ledger.
- Cons
- If recording funds are being transferred to a separate account (recommended), these funds will still need to be moved from one account to another.
- These disbursements will stay in the disbursement queue, either Accounting/Review Outgoing Wires or Accounting/Print Checks, until a user combines the disbursements and finishes the disbursement process.
- Splits do not currently exist on the Settlement/Recording Fees tab, which means that the recording fees will be paid directly to the Hold for Recording Fees partner on the file. NOTE: The partner is not displayed on the settlement statements for the recording fees lines.
- Method
- Set an auto-transfer to the recording fees ledger on the Hold for Recording Fees partner.
- When funds are disbursed to this partner, a receipt will be created on the recording fees ledger.
- If the settlement and recording fees ledgers share the same bank account (not typically recommended), and the auto-transfer setup includes the option for Use Transfer Instead of Wire when Using Same Bank Account, the funds will be marked as transferred and the process is complete. The following steps are not necessary.
- At a predetermined frequency (e.g. daily, weekly), the responsible party (likely someone from the accounting team) will go to either Accounting/Print Checks or Accounting/Review Outgoing Wires and sort the items by the Transactee column.
- Select all of the disbursements for the Hold for Recording Fees partner and select Combine, if the disbursements are wires, or Combine, Print Selected, if the disbursements are checks.
- Complete the disbursement process by issuing the wire or printing the check.
- NOTE: It’s recommended that users do not have the user role for Ledgers: Void Combined Checks/Wires if this process is used. Voiding one disbursement within a combined check/wire will void the entire check/wire and all of the disbursements that make up the check/wire, which will require all of the files that make up the check/wire to be disbursed on a file-by-file basis. Depending on the number of files that were combined, this could take quite a long time and be a cumbersome process.
- To pay recording fees, either:
- Go to Admin/Import/Transactions, select the recording fees ledger to which the payments should be imported, Browse to select the file with all the disbursement information, and Import the file. This method is typically used when customers get a monthly report from Simplifile or another recording service with information about which files have had recordings done. See the help for more information about importing this file.
- Open each file whose fees are due, click Disbursement, enter the payment information, and click Save.
See the Recordings and Recording Fees job aid on the user group site for more information on how to set up and utilize the recording fees functionality in Resware.
Paying recording fees outside of Resware
- Pros
- When the recording fees are due, creating the payment may be easier than combining disbursements together and balancing the amount to the report, since it will just be keyed into the system being used for the payments.
- Cons
- Recording expense is included in revenue fees to the company, rather than split from the total on Settlement/Postings.
- Recording fee payments are not linked to files.
- It’s more difficult to determine which files have collected too much or not enough recording funds and make the necessary adjustments.
- Method
- Set the partner on the recording fee lines to the title company.
- Disburse these files as needed.
- When documents are recorded and payment is due, create the payment in the system used for paying invoices.
Amount Editing Restrictions
Administrators have the ability to restrict the ability to edit the total on settlement statement lines based on settings in Admin/General Setup/Settlement Type Defaults. Each line can be restricted to one of three group settings, if a restriction is set; only users with the corresponding Settlement: Edit Restricted Settlement Types Group role right will be able to edit the Total on the line. This is typically done on lines that are mandated and calculated, like owner’s coverage, lender’s coverage, premium tax lines, etc.
Setting Amount Editing Restrictions
- Pros
- Totals that should not be changed by users, such as calculated premiums, are locked for editing.
- Enhanced compliance for audits, as users will not be able to manually override totals.
- This functionality can be used in tandem with the user role for Settlement: Edit Splits on Restricted Settlement Types. If a line is restricted, has a split, and the user does not have the aforementioned user role, the user will not be able to edit the split on the line, either.
- This is beneficial because often lines that are restricted, like premium lines, have remittances that should not be edited.
- If the restricted line is a premium line and the incorrect rate was assigned to the file, the rate can still be changed by highlighting the line, clicking the Title Premium Rates button, and selecting the correct rate.
- Restrictions can be set on a county or state basis, if desired.
- Cons
- If rates are not set up or calculating correctly, users will have to wait for an administrator to set up or fix the rates instead of manually correcting them on a file-by-file basis.
- Method
- Go to Admin/General Setup/Settlement Type Defaults and highlight a line that should be restricted.
- Click Edit.
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- Go to the Amount Editing Restrictions tab.
- Select the desired Group setting.
- If this drop down is blank, there will not be a restriction on this line.
- Click the Selected radio button.
- If specific states or counties should be exempt from this restriction (i.e. editable without the role right), select the State and check the Enabled box for the counties that should be exempt.
- This may be useful for companies that operate in multiple states as different states have different regulations with regards to additional fees, such as closing fees. If, for example, one state has a regulated closing fee and one does not, it may be desirable to set a restriction on the Settlement or Closing Fee line for the state with the regulation and allow users to edit the fee for the state without the restriction.
- If none of the states/counties are checked as enabled, which is the case if the Selected radio button is selected and nothing else in that area is done, all of the state/county combinations will be restricted.
- If lines should be restricted for specific partners only, which may be the case for partners who have previously agreed upon fee structures, click Add in the Partners Restrictions area and select the partner(s). If no partners are selected, the line will be restricted for all partners.
- Click Save.
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- The file will have the Total box and the Add, Edit, and Remove Splits boxes disabled unless the user has additional user roles enabled.
Link Settlement Lines With Policy Types
Administrators have the ability to associate settlement statement lines with owner’s or lender’s policies in Admin/General Setup/Settlement Type Defaults. Any line that is marked as being remittable can have a policy selected.
If a policy is selected, when the remittance report is exported, this settlement line will have the selected policy’s number, typed date, and effective date associated with it. Lines with policies selected will also not export to the remittance report until the corresponding policy is ready to be remitted.
If a policy is not selected, the line will still be exported as long as it’s marked as being remittable but it will not have a policy number, typed date, or effective date on the report. Lines without policies selected will export to the remittance report as soon as the first policy on the file is ready to be remitted.
A policy is typically selected on lines that correspond with policies, such as Owner’s Coverage, Lender’s Coverage, Endorsement, and Owner’s Endorsement. A policy is typically not selected on lines that do not correspond with policies, such as CPL lines.
- Method
- Go to Admin/General Setup/Settlement Type Defaults and highlight a settlement statement line that is remittable and should be associated with a policy.
- Click Edit.
- Go to the Title Charges tab.
- Select a Policy.
- Click Save.
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- All remittable lines that are ready to be remitted will export to the remittance report when a report is generated.
