Voiding a Transaction (Back Office)

Voiding a transaction should only be performed when a deal has fallen through and/or in the event a transaction has been entered in error (as a duplicate, for example). Once a transaction is voided, the Status will be changed to V

Voiding a Transaction without Trust Deposit

Select the transaction and select Void Deal

The flag will generate as follows:

a) Open transaction – Empty (not applicable)

b) Closed Transaction – The date that the closed transaction is posted to accounting system

c) Voided Transaction – The date “Void” button is clicked and voided

d) Reversed Transaction – Empty (Reverse action will reset the transaction to “Open” status and the process date to empty)

Voided transactions can also be unvoided, by performing an Advance search and selecting the option to Unvoid Deal.

Voiding a Transaction with a Real Estate Trust Deposit

Select the transaction that you wish to void

Select Void Deal

A confirmation will be prompted: when selecting ‘Yes’ and a trust deposit is attached to the transaction, the following message will appear

Select Click OK to close

On the transaction, select the Deposits tab > Edit

Select the Escrow/ Trust icon and complete the Real Estate Trust Deposit screen as follows:

Select New

Action – select Disburse: the system will apply the disbursement logic based on the option selected

Select “Term Deposit/GIC” if applicable

Deposit Date: select the date that this check/cheque will be disbursed from the trust account.  It is imperative that  correct date be entered here, as Back Office will send this disbursement to QuickBooks® and make bank reconciliations easier

Branch/Office Location: if multiple offices, select the correct one affiliated with this disbursement

Post To Accounting

The default is to always post however if a check has already been issued, there is an option to disable the disbursement to QuickBooks®.  This option will overwrite criteria selected in the Company Profile

Post Immediately

Selecting this option will send the deposit directly to QuickBooks® 

If there is interest attached to the original deposit, a prompt will appear to disburse or not:

Select Save and close the Escrow/Trust Deposits window

Save the transaction, the Deposit Paid field should now display “0.00”

Click on VOID to change the transaction status.

Was this article helpful?

Related Articles

Leave A Comment?