Overview
This demonstrates how to navigate the Postings panel in Resware.
Receipts
Settlement/Postings
- Confirm the ledger is set to a test ledger.
- Set the Ledger to a test ledger. If there is not a test ledger DO NOT proceed with this section.
- Post the lender’s wire.
- Select the lender‘s expected receipt and click Claim Wire/Post.
- The Received date will default to the current date and can be changed if necessary.
- Select Wire as the Method.
- The Amount will default to the expected wire amount. If the actual wire amount is different, enter the actual wire amount.
- Confirm that the Status of the receipt is now set to Received and the Method is set to Wire.
- NOTE: Once an item has been posted, the settlement lines that are part of the item can no longer be modified.
- Adjust the amount on the interest line of the settlement statement.
- NOTE: Posting a receipt (or issuing a disbursement) will lock all settlement lines that were combined to create the item on the posting tab. In order to unlock the settlement line(s) for editing, the item will need to be moved to the Trans After Closing (T.A.C.) tab.
- Highlight the posted/received lender’s wire and click Move to T.A.C.
- Answer Yes to confirm that the item should be moved to T.A.C.
- Answer No to the TAC Purpose prompt, since these funds are not being returned; the purpose is to unlock the settlement lines for editing.
- Click OK.
- All the settlement lines that were combined to create the receipt are now unlocked for editing.
Settlement/Loan Items
- Change the Total on the lender’s interest line to $260.81.
- Return to Settlement/Postings. Confirm that there is a new anticipated receipt for the calculated difference due to the change in figures.
- The buyers have brought two checks for the amount due.
- Post the first check from the buyers, which is $50,000.00.
- Highlight the buyer’s anticipated receipt and click Claim Wire/Post.
- The Received date will default to the current date and can be changed if necessary.
- The Method will default to Check.
- The Amount will default to the expected receipt amount. Change the amount to $50,000 to match the amount of the received check.
- Enter the Check #.
- Click Save.
- Click Yes on the Amounts Differ warning message
- Clicking Yes will post the $50,000.00 check and cause the system to re-calculate a new expected receipt for the difference.
- Clicking No will cancel the receipt.
- Confirm that there is now a new anticipated receipt for the calculated difference.
- Post the second check from the buyers in the amount of $60,000.
- Highlight the buyer’s anticipated receipt and click Claim Wire/Post.
- The Received date will default to the current date and can be changed if necessary.
- The Method will default to Check.
- The Amount will default to the expected receipt amount. Change the amount to $60,000 to match the amount of the received check.
- Enter the Check #.
- Click Save.
- Click Yes on the Amounts Differ warning message
- Clicking Yes will post the $60,000 check and cause the system to re-calculate a new expected disbursement for the difference.
- Clicking No will cancel the receipt.
- Confirm there is a disbursement for $5,276.01.
- Receipt all additional funds as checks and assume check amounts match the expected amounts.
- Highlight an anticipated receipt and click Claim Wire/Post.
- The Received date will default to the current date and can be changed if necessary.
- The Method will default to Check.
- The Amount will default to the expected receipt amount.
- Enter the Check #.
- Click Save.
- Repeat the above steps for all anticipated funds until the statuses of all of the receipts are set to Received.
- Create a receipt report for the $5,000.00 earnest money deposit.
- Highlight the $5,000.00 posted receipt for the earnest money and click Receipt Report.
- Click in the Select box for the $5,000.00 posted receipt click Generate.
- Print the receipt and/or save an unsigned copy to the Documents tab of the file.
- After all the receipts have been posted to a file, the checks will need to be shown as deposited in Resware. The deposits should match how the funds were/will be taken to the bank.
- The Accounting/Deposits menu item is only available to users with the Ledgers: Make Deposits role enabled.
- If this role is enabled, complete the deposit scenario.
- If this role is not enabled, go to the disbursement scenarios.
- The Accounting/Deposits menu item is only available to users with the Ledgers: Make Deposits role enabled.
Deposits
Accounting/Deposits
- Assign the receipted checks on the training file to a deposit. If the user role for Ledgers: Make Deposits isn’t enabled, skip this scenario.
- Select an Account and a Ledger.
- Not selecting a ledger will display all the checks that have not been assigned to a deposit for all the ledgers associated with the bank account.
- Hold Shift or Ctrl and select buyers’ checks from the training file.
- Click Make Deposit.
- Once items have been assigned to a deposit, the deposit will be displayed in the Deposits area.
- NOTE: Receipted checks will not display in reconciliations until they’ve been assigned to deposits.
- NOTE: Deposits will display on the reconciliation as Deposits in Transit until they have been cleared.
- To print a deposit slip, highlight the deposit and click Print Deposit Slip.
- Confirm the posted checks show as deposited on Settlement/Postings.
Voiding an Item
Settlement/Postings
- If a posted item has not yet been deposited, it can be voided. Void the posted receipt from the lender.
- Highlight the receipt from the lender and click Void.
- Confirm that the receipt should be voided by clicking Yes.
- Click Yes to confirm that the file should be overdrawn.
- NOTE: If the user role for Settlement: Overdraft Files isn’t enabled, a user may not be able to complete this void.
- Click OK to confirm that the item was voided.
- The file will now display a Void line, an equal and offsetting Adjustment line, and a new expected receipt for the lender’s funds.
- If a pending or issued check has not cleared, it can be voided if the user has the Ledgers: Void Issued Checks role right enabled. Void the issued check to Windy City Real Estate.
- Highlight the issued check to Windy City Real Estate Agents and click Void.
- Click Yes to confirm that the check should be voided.
- Click OK to confirm that the check was voided.
- Confirm that the file has a disbursement with a Void status, and equal and offsetting Adjustment, and a new expected disbursement for Windy City Real Estate Agents.
- To keep the reconciliation clean of outstanding items, void all posted receipts and pending or issued disbursements used for testing purposes.
- Select an item and click Void.
- Confirm that the item should be voided by clicking Yes.
- Click OK to confirm that the item was voided.
- Repeat until all posted receipts and pending and issued disbursements are successfully voided.
Disbursements
Settlement/Postings
- Combine two checks payable to the same party into one check by changing the grouping.
- Highlight one of the checks payable to Tornado Sales and click View/Edit.
- Highlight the line and click on Edit/View on the Edit Entry panel.
- Change the Group to Group
- Save the change.
- Close the Edit Entry window.
- Highlight the second check payable to Tornado Sales and click View/Edit.
- Highlight the line and click Edit/View on the Edit Entry panel.
- Change the Group field to the type Group.
- Save the change.
- Close the Edit Entry window.
- Confirm there is now one disbursement payable to Tornado Sales.
- Split a disbursement by making part of an item payable to another partner.
- Highlight the commission disbursement payable to Windy City Real Estate Agent and click Split.
- Select Emerald City Law from the Split With dropdown on the Split Disbursement panel.
- Enter $500.00 as the Amount to Split.
- Click Save.
- Confirm that there is a new disbursement payable to Emerald City Law for $500.00 and that the Windy City Real Estate Agent’s check has been reduced by $500.00.
- Disburse a single item as a check.
- Highlight the commission disbursement payable to Windy City Real Estate Agent and click Disburse Single.
- The Requested Date will default to the current date.
- The Method will default to Check.
- Click Save.
- Confirm the Windy City Real Estate Agent’s disbursement is a pending check.
- The Status should show Pending.
- The Method should show Check.
- Disburse a single item as an outgoing wire.
- Highlight the disbursement payable to Gale Winds Payoff and click Disburse Single.
- The Requested Date will default to the current date.
- Change the Method to Wire.
- Attach the wiring or payoff instructions as a Supporting Document.
- 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.
- Since these are new wiring instructions, there will be a popup asking whether or not to save the instructions to the partner. For this training scenario, select Use Once.
- Confirm that the disbursement to Gale Winds Payoff is now a pending wire.
- Place a disbursement on hold.
- Highlight the disbursement for Emerald City Appraisals and click Hold/Unhold.
- Enter a Reason for the hold.
- Select a Release date.
- If a release date is provided, it will be displayed on the Holds report.
- Click Save.
- Confirm that the disbursement for Emerald City Appraisals is on hold.
- The seller’s proceeds disbursement is payable to only the primary seller. Use the Alt -Name/Address button to modify the disbursement to make it payable to all the sellers.
- Highlight the disbursement to the sellers and click Alt Name/Address.
- Change the Name to make the check payable to all the sellers on the file, including George and Glinda East.
- The address information can also be updated.
- NOTE: Using Alt Name/Address on a disbursement will change the name and address on ALL of the partner’s transactions on the file to the specified alternate name and address. Using this functionality also allows disbursing to people and/or companies that have not been added to Resware as partners. There is a user role for Ledgers: Override Partner Name/Address On Transactions that can be disabled for users if this isn’t something users should be allowed to do.
- Highlight the disbursement that is now payable to all the sellers and click Disburse Single.
- The Requested Date will default to the current date.
- The Method will default to Check.
- Click Save.
- Confirm the disbursement for the seller’s proceeds is a pending check.
- Prepare all items that have not yet been disbursed and are not on hold.
- Click Disburse All.
- Disburse All assumes that all remaining disbursements will be made as checks unless the partner is set to default to disburse with a wire.
- Click Disburse All.
- Confirm that all the disbursements that were not on hold are now pending.
- Generate a summary detail report and save it to the file.
- Select Summary Detail report in the dropdown and click Generate.
- Click Attach PDF to save the report to the Documents tab of the file.
Check Printing
Settlement/Postings
- Print three test checks from the training file.
- If the user role for Ledgers: Print Checks isn’t enabled, skip this scenario.
- Click Print Checks.
- Hold Shift or Ctrl and select the Windy City Real Estate Agent checks and the Emerald City Law check on the Print Checks panel.
- Click Print Selected.
- Select where the checks should print and click Print.
- If asked, confirm the checks printed correctly by clicking Yes.
- Confirm the three checks show as issued.
- The Status should show Issued.
- The Method should show Check.
- There should be a check Number.
Outgoing Wires
Accounting/Review Outgoing Wires
- Review/Initiate/Issue the pending outgoing wires.
- If the user roles for Ledgers: Review Outgoing Wires: Mark Reviewed, Ledgers: Review Outgoing Wires: Mark Initiated, and Ledgers: Review Outgoing Wires: Mark Issued are not enabled, skip this scenario.
- Go to Accounting/Review Outgoing Wires.
- Select the Ledger that was used on the training 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.
- Change the Status field to Need to be Initiated.
- For this training scenario, select the wire click Mark Initiated.
- In a live environment, 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 is what 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.
- Change the Status field to Need to be Issued.
- Select the wire and click View/Edit.
- Enter a Confirmation Number. This is typically the FED Reference Number.
- For training, use 123.
- 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.
- Confirm the wire has an Issued status on Settlement/Postings.
