This article highlights the step required in closing transactions in the Emphasys Back Office system.
1. Agent Expense Balances and Payments
- You must be signed into QuickBooks®
- Before transactions are closed, update the Agent Expense Balances, through the Accounting Menu. Running this process ensures Back Office will display the most up-to-date agent billing balances, enabling you to deduct these balances from commission checks as required. Alternatively, the balances will automatically update for those Agents being paid on that particular transaction and reflect a real-time value.
- If any payments towards Agent invoices are being recorded in Back Office instead of QuickBooks® then you will need to select “Update Agent Expense Payments” as well. Refer to the Accounting Menu for more detail.
- Once the process is complete, a popup window will indicate that the “Agent Balance Update process is finished”. Select OK to close the window.
- If you wish to validate the data sync between programs, you can view the Agent Expense Report from Reports > Accounting Reports. The amounts displayed on this report, should equal the “A/R Aging Summary” report in QuickBooks®.
2. Check Transactions for Accuracy
The interest and its calculation details are entered on the Deposit tab of a transaction. The Balance Due will be the interest paid to the Buyer when the closing of this transaction is processed. The Memo field is to be used to disclose the details of the deposit and its disbursement. Full details on how to enter the interest can be found in the Entering a Transaction area of this manual.
The interest amount deposited to the Trust account must be manually entered in QuickBooks® upon notification from the bank. This deposit will create a DR entry to the Trust account. The disbursement of interest funds is initially processed in Back Office and integrated to QuickBooks®.
If a deposit was entered correctly, we will also advise you prior to processing, by displaying the following notification:
Once you have ensured the accuracy of your data, you are ready to close the transaction.
3: Review Closing Report
To close a transaction, you will highlight the transaction from the Quick Search table and select the Close button.
You will then be presented with a screen where you are forced to click on the Review button (all others are disabled at this time). If you wish to deduct an agent expense at this time, enter the value in the Agent Expense Payment Amount field. If you do not want to take a deduction from this particular transactions commission check, you can highlight the appropriate agents name in the table and enter “0” in the Agent Expense Payment Amount field.
Click on Review
The Review Closing report is a printable document of all the funds as integrated to QuickBooks® when a transaction is closed and processed. The report includes deposits, checks, withholdings, manager overrides, other fees, transaction fees, Agent expense deductions, advance repayments, journal entries and all relevant taxes.
If there are discrepancies or missing values on this report – review the details of your data entry to ensure that all of the information has been entered correctly.
Please note that if there is interest to pay to the Buyer and a SIN/SSN is not attached to the specific resource, you will be presented with the warning below. Make your selection accordingly, keeping the following in mind:
YES – will create the interest cheque payable to the appropriate resource as displayed on the Review Closing
NO – will NOT create the interest cheque payable to the appropriate resource as displayed on the Review Closing
If you select NO, all values related to the interest will zero themselves out and you will need to manually issue a check from QuickBooks® directly.
For instances where there are two deposits, one with SIN/SSN and one without SIN/SSN the program will generate the interest check payable to the applicable resource for both deposits received.
4: Process the Closing
To perform this function, you have two alternatives to integrate the appropriate entries to QuickBooks®:
1) You can place a checkmark in the Post Right Away box at the top of your Transaction Closing window. Then click on Process, all checks, deposits, journal entries and payments on account related to the transaction will be integrated to QuickBooks®.
Once you click on “Process” button, you will be presented with a warning, “Do you want to update the Buyer’s address with the transaction’s address at this time?” with options of YES or NO
Selecting Yes will update the Buyer’s details as follows:
a. Address (if data available) – to a maximum of 41 characters
b. Unit No (if data available)
c. City (if data available)
d. Prov/State (if data available)
e. Postal/Zip (if data available)
f. Last field will also be updated in real time
Selecting NO will not update anything relating to the Buyer and return you to the Transaction Closing screen.
2) Alternatively, you can go Accounting / Update Closings & Reverse. For further detail with this process, please refer to the Accounting Menu section of this manual. From this screen users can:
- Synchronize Agent Expense Payment Balances – by initiating this feature, it will automatically update each time you integrate a closing to QuickBooks®, rather than going to Accounting / Update Agent Expense Balances.
- Stop Processing On Error – by initiating this feature, when an error is generated – the process will stop.
- Delete Selected Error Item(s) – by initiating this feature, you can highlight any errors in the Start Process grid and delete any previous errors.
- Delete All Error Items – by initiating this feature, you can delete all errors at once.
- Click Start Process to process the closing
Once successfully closed, the system will display a notification advising that the process has been completed.
Checks are now ready to be printed in QuickBooks® or funds submitted for ACH/EFT payment.