After a receipt or a disbursement has been posted, the settlement lines used to create the item can no longer be modified or removed within the settlement tabs. Users with the role Settlement: Move Posting to Transactions After Close enabled can unlock the affected settlement lines by moving the posted receipt or disbursement to the Trans after Closing (TAC) tab. This will unlock the settlement lines for revisions.
Moving Posted Earnest Money Deposit Receipt – Returning Funds
The buyer has backed out of a purchase and their earnest money needs to be returned to them.
- Highlight the earnest money deposit and click Move to T.A.C.
- Select Yes.
- Select Yes on the secondary pop up in order to refund the earnest money deposit and then click OK.
Moving the posted receipt creates two lines on the Trans After Closing tab: A receipt and a disbursement. Do not delete either line! The Trans After Closing tab must be balanced or the Postings tab will be out of balance.
- The earnest money deposit is now shown as a disbursement on the Postings tab to be returned to the buyer.
- Disburse the refund as required by clicking Disburse Single.
- The earnest money deposit can now be removed or modified on the New Loans tab if needed.
- After modifying or removing the earnest money from New Loans tab, select OK to accept the changes.
- The earnest money deposit will be modified or removed from the first page of the settlement statement as well as on the receipts section on the Postings tab.
Moving Lender Funds
The lender wire or check has been claimed/posted in the Settlement/Postings tab. The lender requests you to remove or modify a fee in the Loan Items tab.
- When entering fees on the Settlement/Loan Items tab, Resware adjusts the funds due from the lender based upon the loan amount minus items whose Group is set to “Net” with the loan.
- The balance shown on the Settlement/Loan Items tab is reflected on the Postings tab as an expected receipt.
- Once funds are posted or claimed, the corresponding settlement lines on the Settlement/Loan Items tab are locked and cannot be changed
- To unlock the settlement lines, the receipt on the Postings tab will need to be moved to the Trans After Closing tab. Highlight the receipt and click Move to T.A.C.
- Select Yes to confirm that the funds should be moved.
- Select No to the second pop up message as the funds are not being returned, but being moved so that the settlement lines on Settlement/Loan Items can be modified.
- The receipt has now been moved to the Settlement/Trans After Close tab
- The settlement lines on the Settlement/Loan Items tab are now unlocked
Moving a Disbursement
A check or a wire has been issued and the fee on the CD or settlement statement must be modified or removed.
- Unlock the affected settlement lines by moving the disbursed item to the Trans After Closing tab
- Select the item from the list and click the Move to T.A.C. button.
- Click the Yes button to confirm the move to T.A.C.
- Click the OK button to complete the move.
Moving the disbursed item creates two lines on the Trans After Closing tab: a receipt and a disbursement. Do not delete either line! The Trans After Closing tab must be balanced or the Postings tab will be out of balance.
Receipt and Disbursement of Funds Post-Closing
Property taxes were collected from the seller at settlement in the amount of $1,253.00. The tax collector sent back an overage amount of $53.00 payable to the title company. The overage is to be returned to the seller.
- Enter the file and go to the Settlement/Trans After Closing tab.
- Click New to create a receipt to deposit the check received.
- Enter the amount of the check received and select the partner who sent the check.
- Click New to create the disbursement to refund the money to the seller.
- Enter the amount of the disbursement and select the partner who should receive the funds.
- Go to the Settlement/Postings tab and claim/post the receipt.
- Disburse the check that will be sent back to the seller for the overage by clicking Disburse Single.