Overview
The recording fees ledger can be used for holding the recording fee amounts in a separate account while keeping this information in the file. Auto-transferring funds from the settlement ledger to the recording fees ledger will automatically create a receipt on the recording fees ledger for the amount being transferred, rather than the user having to manually create the receipt. The funds will still need to be sent, by check or wire, to the corresponding account at the bank, unless the two ledgers share the same account and the option for Use Transfer Instead of Wire when Using Same Bank Account is enabled.
Recording Fees and Recordings
The recording fees on the Settlement/Postings can be linked-to recording documents on the Recordings panel and show the actual recording fee on the Recording Fees panel. Having these links allows for information to be created in one area and pulled through to other areas of the file, without needed to rekey information.
Adding a partner type
A partner of this type will be used to transfer funds from Settlement to Recording Fees. Adding a new partner type will allow the partner to be added to the file automatically based on the action list, without having to set any partner weighting, and it will make it clear why the partner is being used. NOTE: This step is not necessary if the auto-transfer will be performed on a partner that’s using an existing type.
Admin/Partner-Related/Partner Types
- Click Add and enter the name of the partner type.
Adding a partner and setting it to auto-transfer
This new partner will be used to transfer funds from Settlement to Recording Fees. A partner specifically for this purpose will allow for transparency when disbursing funds, as the name of the partner indicates the reason the money is being disbursed to the company, and allow for the auto-transfer to be performed. NOTE: Adding a new partner is not necessary if the auto-transfer will be done on a pre-existing partner.
Admin/Partners
- Click New.
- Enter the Name of the partner.
- In the Partner Types are, Add the partner type from the step above.
- Save the partner.
- Edit the partner and click on Vendor Management.
- Click Auto-Transfer.
- Select the Office where the files will be located.
- Select the Ledger that will be used on File/Settlement.
- Select the Recording Fees Ledger radio button.
- Repeat the Office, Ledger, and Recording Fees ledger selection for each office and settlement ledger combination that should have an auto-transfer to the recording fees ledger.
- If the Settlement and Recording Fees ledger are tied to the same bank account, select the Use Transfer Instead of Wire when Using Same Bank Account option.
- Click Save.
Adding the partner to files
Adding the partner type to the Auto-Add Partner Types On File Creation section on the action list will cause the partner created above to be automatically added to each file created using this action list.
Admin/Action Lists/Action Lists
- Edit an action list that should have this partner type.
- Add the partner type in the Auto-Add Partner Types On File Creation section.
- Repeat for any/all action lists that should have this partner.
- Click Save.
Adding transaction types to the recording ledger
A transaction type needs to be created for Resware to use when the recording fees are pulled to Recording Fees. This will be used as the type on the disbursement on Recording Fees.
Admin/Accounting/Transaction Types
- Select the Office.
- Select the recording fees Ledger.
- Add a transaction type.
- Click Save.
Setting a default partner and transaction type on the ledger
The default partner and transaction type will be used to create the entries on Recording Fees when the disbursement is created. These selections will be the default options, but can be changed on a file-by-file basis.
Admin/Accounting/Ledgers
- Edit the recording fees ledger.
- Select a Default Partner Type.
- Select a Default Transaction Type.
- This is the transaction type that will be selected by default when pulling recording fees over to Recording Fees.
Add recording document types to settlement types
Linking recording documents to settlement lines provides users with a list of options from which to select when creating a relationship between the recording documents on the file and the recording charges on Settlement/Recording Fees. This relationship is how Resware will know which recording document’s estimated recording fee to update when the charge on the settlement line is changed.
Admin/General Setup/Settlement Type Defaults
- Edit a settlement type in the Government Recording and Transfer Charges settlement group.
- Click on Recording Fees .
- Click Add and select the recording document type(s) that correspond(s) with the selected line (e.g. Deed and Deed of Trust for Recording Fees, Deed).
- Click Add.
- If a document type should be required to be selected when a fee is on this settlement line, click Document Type Required.
- Click Save.
Example on a file
Settlement/Recording Fees
- When a settlement type is added to Settlement/Recording Fees with an amount in the Total box and recording document types are set on its settlement type, the Recording Document Type drop-down is editable. Select the document type.
- If there is only one document type available as an option, it will be automatically selected.
- If there are multiple document types available as options, a user will be able to select the correct document type.
- If a document type is required and a user tries to move off the line without selecting a Recording Document Type, there will be an error and the user will not be able to move to another line on Settlement/Recording Fees without making a selection.
- The user will be able to move to another tab or close the file without making a selection.
Recordings
- When the Recording Document Type is selected on Settlement/Recording Fees, a document of that type is automatically added to Recordings and the Estimated Recording Fee is set to match the total on the settlement statement line.
- This amount is not editable from Recordings, but will update to match any changes made on Settlement/Recording Fees.
- When the document has been recorded via a recording service, the Actual Recording Fee, Service Fee, if applicable, Recorded Date/Time, and other pertinent information will be entered by Resware.
- If the service fee should not be separated from the actual recording fee, disable the office option for Recording: Simplifile: Do Not Include Service Fee in Actual Amount.
- If a recording service is not being used, a user will have to manually enter this information.
Recording Fees
- Click Get Fees from Recording
- The Amount will populate from the Actual Recording Fee on the corresponding Document Type from Recordings.
- The Partner should default to the partner type selected on the ledger. If a partner of that type isn’t on the file or another partner should be used, select it from the drop-down.
- If a fee shouldn’t be added to Recording Fees, uncheck the Pull Fee box.
- Click Save.
- A disbursement will be created.
- The Ledger Balance will show the balance on the file. This will also show on the trial balance report.
Auto-Transfer Funds to the Recording Fees Ledger
The recording fees ledger can be used for holding the recording fee amounts in a separate account while keeping this information in the file. Auto-transferring funds from the settlement ledger to the recording fees ledger will automatically create a receipt on the recording fees ledger for the amount being transferred, rather than the user having to manually create the receipt. The funds will still need to be sent, by check or wire, to the corresponding account at the bank, unless the two ledgers share the same account and the option for Use Transfer Instead of Wire when Using Same Bank Account is enabled.
Adding a partner type
Admin/Partner-Related/Partner Types
- Click Add and enter the name of the partner type.
- A partner of this type will be used to transfer funds from Settlement to Recording Fees.
Adding a partner and setting it to auto-transfer
Admin/Partners
- Click New.
- Enter the Name of the partner.
- In the Partner Types area, Add the partner type from the step above.
- Save the partner.
- Edit the partner and click on the Vendor Management tab.
- Click Auto-Transfer.
- Select the Office where the files will be located.
- Select the Ledger that will be used on the Settlement tab.
- Select the Recording Fees Ledger radio button.
- Repeat the Office, Ledger, and Recording Fees ledger selection for each office and settlement ledger combination that should have an auto-transfer to the recording fees ledger.
- If the Settlement and Recording Fees ledger are tied to the same bank account, select the Use Transfer Instead of Wire when Using Same Bank Account option.
- Click Save.
Note that even with an auto-transfer set up in the recording partner, the money will still need to be physically moved from the settlement account to the recording fees account. The easiest way to do this is to wire the money from the settlement account to the recording fees account. The partner can be set to have their disbursements always wired (see below).
Setting the partner default wire information on the recording fees partner
Admin/Partners/Edit
- Edit the recording fees partner and click on the Default Wire Info button under Company Information.
- Check Default to Wire when Disbursing and Don’t Show Popup when Using “Disburse All.”
- Click New.
- If Don’t Show Popup when Using “Disburse All’’ is checked, the end user will not be asked to verify the wire information when the funds are disbursed. Resware will use the default wire information.
- Enter the Name of the wire instructions.
- Enter the Bank Information and the Account Number.
- Click Save.
Auto-adding the partner to files
Admin/Action Lists/Action Lists
- Edit an action list that should have this partner type.
- Add the partner type in the Auto-Add Partner Types On File Creation section.
- Click Save.
- Repeat the Auto-Add Partner Types On File Creation section for each action list that should have this partner at file creation.
Adding transaction types to the recording ledger
Admin/Accounting/Transaction Types
- Select the Office.
- Select the recording fees Ledger.
- Adda transaction type.
- This will be used as the type on the disbursement on Recording Fees.
- Click Save.
Add default partner to settlement types
Admin/General Setup/Settlement Type Defaults
- Edit a settlement type in the Government Recording and Transfer Charges settlement group.
- Click on the Property tab.
- Select PartnerTypeID
- Click Edit and select the default partner type for this settlement line.
- Click Save.
- Repeat for each Government Recording and Transfer Changes settlement lines.
Example on a file
File/General
When a new order has been created, both the default settlement partner for the Government Recording and Transfer Charges and the recording hold partner will be auto-added to the file.
Settlement/Recording Fees
Settlement lines for the Government Recording and Transfer Charges will be payable to the default partner that is set in the settlement type defaults.
Preparing the disbursement
Settlement/Postings
- Select the recording disbursement and click Split.
- Set the Split With partner to the Recording Hold partner.
- Set the Amount to Split to the full recording amount.
- Click Save.
Disbursing the item
Settlement/Postings
- Disburse the funds to the partner edited above using Disburse Single or Disburse All.
- The funds will be disbursed from the settlement ledger as a check, wire, or transfer, depending on the settings on the Recording Hold partner.
- Click the OK button on the pop up confirming the recording amount auto-transferred to the recording fees ledger.
- The recording funds will now show as a pending disbursement on the Settlement/Posting tab and as a pending wire in the Accounting/Outgoing Wires/Need to be Reviewed queue.
- The funds will be automatically receipted into the recording fees ledger.
Review the pending wire
Accounting/Review Outgoing Wires
- Select the Ledger that was used on the file. This will display all the pending wires for the selected ledger in the specified status.
- To view the details of an outgoing wire, highlight it and click View/Edit.
- Review the wire details to confirm that the wire information is accurate.
- A history of activity on the wire will be displayed in the Outgoing Wire Log.
- Click Save.
- After reviewing the wire detail for accuracy, click Mark Reviewed.
- Marking a wire as being reviewed changes the wire’s status and moves it to the Need to be Initiated queue.
Combine and initiate the pending wire
Accounting/Review Outgoing Wires
- Change the Status to Need to be Initiated.
- To combine multiple items into a single wire, select two or more items that have the same transactee and click Combine.
- This is useful if wires from multiple files are going to the same place and can be sent as one bulk wire.
- If the ledger is set to All, then the system will look at all wires selected and divide them up based on their ledger. If wires across multiple ledgers are selected, a separate combined wire will be created for each ledger.
- A user would go to the bank site, initiate the wire, and then click Mark Initiated. If there is a banking integration, clicking Mark Initiated will send the wire to the bank.
- Marking a wire as being initiated changes the wire’s status to and moves it to the Needs to be Issued queue.
Confirm issued wire
Accounting/Review Outgoing Wires
- Change the Status to Need to be Issued.
- Select the wire and click View/Edit.
- Enter a Confirmation Number. This is typically the Fed reference number.
- Click Save.
- If the office option for Accounting: Review Wires: Mark Wire Issued when a Confirmation Number Entered is enabled and the user entering the confirmation number has the user right for Ledgers: Review Outgoing Wires: Mark Issued, entering a confirmation number will mark the wire as issued and it will no longer be visible in Accounting/Review Outgoing Wires.
- Click Yes to confirm that the confirmation number is for all items in the combined wire.
- Confirm the wire has an Issued status on the Settlement/Postings tab of the file.
Disbursing recording fees funds
File/Recording Fees
On the recording fees tab, the file will have a line item for the received wire. This item was created by the auto-sweep setup on the recording hold partner.
- Disburse the funds to the e-recording partner using New Check.
- The Requested Date will default to the current date.
- Select the Payee.
- Select the type of transaction from the Type dropdown.
- Change the Method to Wire.
- Attach the wiring instructions as a Supporting Document, if required.
- Enter an Amount.
- Enter a valid ABA/Routing Number.
- Enter a Bank Name.
- NOTE: If the office option for Accounting: Input Wires: Validate ABA Using Federal Database is enabled, the bank name will be auto-populated when a valid ABA number is entered.
- Enter an Account Number.
- Enter the name of the account holder in the For Credit of field.
- If there is any additional information that should be included with the wire, such as a loan number or identifying information, enter it in the Note field.
- Click Save.
- The recording funds will now show as a pending item on the recording fees tab.
Review the pending wire
Accounting/Review Outgoing Wires
- Select the Ledger that was used on the recording fees tab. This will display all the pending wires for the selected ledger in the specified status.
- To view the details of an outgoing wire, highlight it and click View/Edit.
- Review the wire details to confirm that the wire information is accurate.
- A history of activity on the wire will be displayed in the Outgoing Wire Log.
- Click Save.
- After reviewing the wire detail for accuracy, click Mark Reviewed.
- Marking a wire as being reviewed changes the wire’s status and moves it to the Need to be Initiated queue.
Combine and initiate the pending wire
Accounting/Review Outgoing Wires
- Change the Status to Need to be Initiated.
- To combine multiple items into a single wire, select two or more items that have the same transactee and click Combine.
- This is useful if wires from multiple files are going to the same place and can be sent as one bulk wire.
- If the ledger is set to All, then the system will look at all wires selected and divide them up based on their ledger. If wires across multiple ledgers are selected, a separate combined wire will be created for each ledger.
- A user would go to the bank site, initiate the wire, and then click Mark Initiated. If there is a banking integration, clicking Mark Initiated will send the wire to the bank.
- Marking a wire as being initiated changes the wire’s status to and moves it to the Needs to be Issued queue.
Confirm that the wire was issued
Accounting/Review Outgoing Wires
- Change the Status to Need to be Issued.
- Select the wire and click View/Edit.
- Enter a Confirmation Number. This is typically the Fed reference number.
- Click Save.
- If the office option for Accounting: Review Wires: Mark Wire Issued when a Confirmation Number Entered is enabled and the user entering the confirmation number has the user right for Ledgers: Review Outgoing Wires: Mark Issued, entering a confirmation number will mark the wire as issued and it will no longer be visible in Accounting/Review Outgoing Wires.
- Click Yes to confirm that the confirmation number is for all items in the combined wire.
- Confirm the wire has an Issued status on the Recordings Fees panel of the file.
