Overview
This demonstrates how to set up and use the Request Company Funds (RCF) functionality in Resware. RCF allows users to submit requests for losses or prepayments within a file. When these requests are approved, a receipt for the requested amount is automatically created in the file. Utilizing the RCF function in Resware allows these requests to be associated and tracked in a file.
Version History
| Version | Date | ID | Description |
|---|---|---|---|
| Pre 8.26 | Information and screenshots created in version 9.6 | ||
| 04/19/2019 | Information corrected: Loss Action Type and the different items generated when a buyer/seller is added versus when a company is added. In addition, clarification was added on how a Credit Partner Type is added to a file. |
Enabling the Office Option
Admin/General Setup/Offices/Settlement
- Enable the office options as needed:
- Request Company Funds (RCF) –Required to enable the request for company funds functionality.
- Request Company Funds: Auto-issue reversed RCF – When a user selects a cleared RCF and clicks “Reverse,” move the item to TAC instead of reversing. Disbursements for reversed company fund requests will automatically be issued. This could be used if the RCF was requested in error.
- Request Company Funds: Use RCF Amount on invoice – Force the recoverable RCF invoice amount to equal the requested RCF amount. If enabled, the user does not set the invoice amount on an RCF type set to Invoiceable, the amount is automatically set to the same as the RCF amount.
Internal User Roles
The following internal user roles are directly related to the RCF functionality in Resware. Ledger-specific roles can be enabled on all ledgers or only specific ledgers as needed by enabling the general access role and the ledger-specific role.
Admin/Internal Users
- Admin: Request Company Funds: Reasons – Allows a user to add RCF reasons.
- Admin: Request Company Funds: Types – Allows a user to add RCF types.
- Ledgers: Request Company Funds: Approve – Allows a user to approve RCF requests.
- Ledgers: Request Company Funds: Approve Over Limit – Allows a user to approve RCFs that are over a pre-determined limit.
- Ledgers: Request Company Funds: Void – Allows a user to void an RCF that’s been approved and receipted into a file.
- Settlement: Request Company Funds – Allows a user to submit an RCF request on a file.
- Settlement: Request Company Funds that are Auto-Approved – Allows a user to submit an RCF request whose type is set to Auto-Approve.
Adding RCF Request Reasons
Admin/Accounting/Request for Company Funds/Request Reasons
- Click Add.
- Enter a Name for the request reason. Repeat for each reason needed.
- Click Save.
Adding RCF Request Types
Admin/Accounting/Request for Company Funds/Request Types
- Click Add.
- Enter a Name for the request type.
- Select appropriate options.
- Accounting Code: Select if there should be an accounting code associated with this RCF.
- Action Type: This selection determines what happens when this RCF type is approved.
- Loss will create a receipt on Settlement/Postings. If the creditor is set as a buyer or seller, a new settlement line as either a buyer or seller credit will be created. If the creditor is set to Company, the receipt and a disbursement on Trans After Close will be created. This would be selected if the RCF is a company loss and is not expected to be a recovered cost.
- Pre-Disbursement will create a receipt and disbursement on Trans After Close. This would be used to pre-pay fees such as recordings or HOA fees. These items are expected to be recovered by a party through the closing process.
- Auto-Approve: Enable if this request type should be automatically approved when it is created.
- If enabled, enter an Auto-Approve Maximum as needed.
- If the amount entered on the file is less than the maximum or there is no maximum, the RCF will be automatically approved.
- If the amount entered on the file is more than the maximum, the RCF will be added to the Accounting/Request for Company Funds panel for approval.
- Approval Limit: If an amount is entered in this field, only users with the role for Ledgers: Request for Company Funds: Approve Over Limit enabled will be able to approve an RCF greater than this approval limit.
- Create Invoice: Select this option if a partner on the file should be invoiced when a request of this type is created.
- Allow Credit Buyer/Allow Credit Seller/Allow Credit Company: At least one of these options must be selected to determine who will be credited when the RCF is created.
- Selecting Allow Credit Buyer will create a buyer credit on Settlement/Deposits, Credits, Debits, when approved.
- Selecting Allow Credit Seller will create a seller credit on Settlement/Deposits, Credits, Debits, when approved.
- Selecting Allow Credit Company will create a receipt and disbursement, when approved, on Settlement/Trans After Closing.
- NOTE: If the action type is Pre-Disbursement, only Allow Credit Company will be available.
- Credit Partner Types: Select one or more partner types that may be credited when Allow Credit Company is selected.
- If more than one of the partner types selected exist on the file, the partner is auto-added to a file based on alphabetical order of partner name, then partner type. The RCF receipt created will be locked with this partner as the transactee. Typically, multiple partner types are selected only in instances when one or the other partner type would be on a file at a time.
- The selected partner type will also be assigned to receive the RCF payment to reimburse for a loss or reimbursement for an item that had been pre-paid. This partner can be changed to another partner added to a file or already on a file.
- For Offices: Select one or more offices where a request of this type can be created.
- Click Save.
Adding Action Triggers
Admin/Action List/Action Group
NOTE: Users can be notified on the action workflow by utilizing the Request for Company Funds triggers:
- Request for Company Funds: Submitted – triggered when a new Request for Company Funds (RCF) request is submitted, but not auto-approved.
- Request for Company Funds: Approved – triggered when a new Request for Company Funds (RCF) request is approved.
- Request for Company Funds: Denied – triggered when a new Request for Company Funds (RCF) request is denied.
For further information on adding to the action workflow, see the Action article available on the customer portal.
On a File – Create an RCF
Settlement/Posting
- Click RCF.
- Select a Type from the dropdown menu.
- Select a Reason from the dropdown menu.
- Enter an Amount.
- Select Buyer, Seller, or Company from the Crediting dropdown menu.
- Enter an Explanation, if desired.
- Enter a Line Description if Buyer or Seller were selected in the Crediting dropdown.
- The description will be used for the settlement line that will be created when the RCF is approved.
If Create Invoice is checked on the RCF Type selected, additional fields will be available to generate an invoice in addition to creating the RCF.
- Select an Invoice Partner from the dropdown menu that will be invoiced.
- Select a Receivable Type from the dropdown men that will be used and displayed on the invoice.
NOTE: Partner selected must be on the file as a Partner Type that is associated with the Receivable Type selected.
- Enter an Amount.
- Enter a Receivable Memo, if desired to display on the invoice.
- Click Save.
Accounting – Request for Company Funds Queue
When a Request for Company Funds (RCF) is created, depending on the type of the request, it will be either auto-approved or go into the accounting request queue for later manual approval.
Accounting/Request for Company Funds
This panel allows the user to review requests for company funds and manually approve or deny them. In addition, the user can combine and uncombine approved requests.
- Select an Office and a Ledger from the dropdown menus. Both options will default to All.
- Select a Status from the dropdown menu to search for requests of a specific status.
- Optionally select Type, Reason, Requested Date range, and/or a File Number.
- Click Search.
RCF: Needs to be Reviewed
- This panel allows the user to review requests for company funds. When viewing Need to be Reviewed requests, you can Approve or Deny requests.
- To Approve a request, select a request and click the Approve button.
- Select Yes when asked, “Are you sure you want to approve the selected request”?
- This will mark the request as Approved and will fire the external trigger Request for Company Funds.
When a request is Approved, the action taken in Resware will depend on the type of request.
- Pre-Disbursement: Creates a Transactions After Closing (TAC) receipt and disbursement. Money will need to be moved from the operating bank account and to the settlement bank account to cover the amount of the receipt created on Settlement/Postings when the RCF is marked approved.
- The TAC Receipt will auto-post as a received wire.
- The TAC Disbursement will be payable to the Credit Partner Types on the file.
- If there’s more than one credit partner type, Resware will select the first one it finds on the file.
- If the auto selected partner is not the correct partner for the disbursement the user will be able to change the partner selection in the Partner dropdown from the TAC.
- Loss: Creates a Transactions After Closing (TAC) receipt and disbursement if the creditor is a Company. Creates a new buyer credit or seller credit settlement line if the creditor is the buyer or seller. Money will need to be move from the operating bank account to the settlement bank account to cover the amount of the request
- Creditor is Buyer creates a new Buyer Credit settlement line and auto-post it received as a wire.
- Creditor is Seller creates a new Seller Credit settlement line and auto-post it received as a wire.
- Creditor is Company creates a TAC Receipt and auto-post it received as a wire.
- Create Invoice:
- Creates a receivable on the Receivables tab with the supplied information and the Accounting Code of the request.
- Auto-create an invoice for this item and, if the office has the option Accounting: Invoices: Auto-attach Invoice to File if Invoice is for a Single File enabled, automatically attach a copy of the invoice to the file.
RCF – Combining, Viewing or Uncombining Requests
RCF: Approve Requests
When viewing Request for Company Funds panel, a single request can be approved or multiple requests can be combined into a single request to approve.
- Highlight the request and click Approve.
OR
- Highlight multiple requests and click Combine.
- Select Yes when asked, “Are you sure you want to combine the selected requests”?
- This will mark the request as Combined.
- Select Yes when asked, “Are you sure you want to combine the selected requests”?
- To View the details of a combined request, highlight the combined request and click View.
- The View Combined Requests panel will display the individual requests that make up a combined request.
Combined requests can be uncombined if they have not been cleared.
- Highlight a combined request and click Uncombine.
- Select Yes when asked, “Are you sure you want to uncombine the selected requests”?
- The single request will be reverted back into multiple individual requests.
RCF: Deny Requests
- To Deny a request, select a request and click Deny.
- Select Yes when asked, “Are you sure you want to deny the selected request”?
- The request will be marked Denied and will fire the external trigger Request for Company Funds: Denied.
NOTE: The denial will be displayed in the Status column in the RCF Past Requests for this File grid on the Settlement/Posting/Request for Company Funds panel.
One a File – Voiding an RCF
An approved request can be voided on a file from the Settlement/Posting.
- To void a request, select the RCF receipt on the Settlement/Posting and click Void.
- Select Yes when asked, “Are you sure you want to void this item“?
- This will mark the request as Void.
- Voiding a request will also void the associated invoice.
- The void will be displayed in the Status column in the RCF Past Requests for this File grid on the Settlement/Posting/Request for Company Funds panel.
On a File – RCF Approved
Settlement/Posting A receipt will automatically be created and marked as Received.
NOTE: Money will need to be move from the operating bank account to the settlement bank account on the file to cover the amount of the TAC request.
Approved: Company RCF
Settlement/Trans After Closing
If Company was selected in the Crediting dropdown on the RCF request, when approved, a receipt and disbursement will be created on Settlement/Trans After Closing.
- If the company is not the correct partner for the disbursement, change the partner selection in the Partner dropdown. This will create a disbursement to this partner on Settlement/Posting.
Approved: Seller RCF
Settlement/Deposits, Credits, Debits
If Seller was selected in the Crediting dropdown on the RCF request, when approved, a receipt will be created as a seller credit on Settlement/Deposits, Credits, Debits.
Settlement/Refunds, Proceeds
If the office option for Settlement: Auto Zero Refunds/Proceeds is not enabled, Settlement/Refunds, Proceeds will need to be zeroed out to rebalance the seller’s proceeds.
If the seller is not the correct partner for the disbursement, change the partner selected in the Partner dropdown. This will create a disbursement to this partner on Settlement/Posting.
Approved: Buyer RCF
Settlement/Deposits, Credits, Debits
If Buyer was selected in the Crediting dropdown on the RCF request, when approved, a receipt will be created as a buyer credit on Settlement/Deposits, Credits, Debits.
Settlement/Refunds, Proceeds
If the office option for Settlement: Auto Zero Refunds/Proceeds is not enabled, the Settlement/Refunds, Proceeds will need to be zeroed out to rebalance the buyer’s proceeds.
Approved: Invoice RCF
On a file – Receivables
If Create Invoice was selected on the RCF type, when approved, a linked invoice will be created on the file in Receivables using the selected transactee, fee type and memo.
Linking an invoice to an approved RCF
If Create Invoice is not checked on the select RCF type, when approved, an invoice will not be created on the Receivables when the RCF is created. When an invoice for another fee is created on the file that has an approved RCF that is not already linked to an invoice, the user creating the invoice will be asked if the approved RCF should be included in the invoice.
File/Receivables
- Add receivables items.
- Click Go to Invoicing.
- On the Accounting/Invoices panel highlight all items that should be included on the invoice and click Create Invoice.
- Select Yes to open a window with existing RCF items to link to the invoice or No to continue creating the invoice with no linked RCF items.
- If Yes was selected, highlight the approved RCF that should be linked to the invoice and click Save.
- Linking the RCF in this manner is for information purposes only. When linked, an entry is created in the database that could be utilized by a custom report.
- The invoice number linked to this RCF will be displayed in the InvoiceID column in the RCF Past Requests for this File grid on the Settlement/Posting/Request for Company Funds panel.
The invoice number is also available in the InvoiceID column in the Approved Requests data grid on Accounting/Request for Company Funds approved RCF’s.
