Voiding a transaction

                                               Voiding a Transaction


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 the transaction is voided the Status will be changed to ‘V’.
  • When a real estate trust deposit is attached to a transaction, the deposit and any related interest will need to be disbursed prior to changing the deal status to Void.

Voiding a Transaction with a Real Estate Trust Deposit

1)        Select the transaction that you wish to void.

2)        Click the Void icon.

  • You will get a message: “Are you sure you want to void this transaction?”
  • If you select ‘Yes’ and there is a real estate trust deposit attached to the transaction, you will see the following message:
  • 5)        Click OK to close the message window above6)        On the transaction, click on the Deposits tab; Edit
    • Click on the Escrow/ Trust icon and complete the Real Estate Trust Deposit screen as follows:

    Click on New.

    Action – select Disburse, Commander Back Office will apply the disbursement logic based on the option selected.

    User will put a check mark on “Term Deposit/GIC” checkbox as applicable. 

     Resource and the Trans No fields will auto-populate with the information from the main tab of the transaction or user can change if required.

    Deposit Date – select the date that this check/cheque will be disbursed from your real estate trust account.  It is imperative that you enter the correct date here, as Commander Back Office will send this disbursement to QuickBooks® for you and it will make bank reconciliations a little easier.

    Branch Location – if you have multiple branches, select the correct branch that is affiliated with this disbursement

    Term/GIC Reference # – you MUST enter the Term Deposit/G.I.C. certificate number, if applicable

     Amount – enter the amount of the disbursement (as a positive value)

    Address – the address of the property will be populated for you

    Description – enter the type of disbursement that this represents (Ex. DFT – deposit returned, check/cheque ret’d: non-sufficient funds, correction, etc.)

    Full/Partial – make appropriate selection as required

    Post To Accounting– The default is to always post (checkmark flags that posting is initiated), however if have already manually issued a cheque to the Buyer (or other resource), you have the option to not send the disbursement to QuickBooks®.  This option will overwrite whatever criteria you have selected in the Company Profile.

    Post Immediatley – by placing a checkmark in this box, it will send the deposit directly to QuickBooks® (as long as it is launched on your desktop), rather than integrating it through Accounting / Update Real Estate Trust Accounts option.  

  • If there is interest attached to the original deposit, you will be prompted if you wish to disburse or not.  Make your selection accordingly.
  • 8)        Click SAVE and close the Escrow/Trust Deposits window.You will be returned to the transaction.

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

    Click on VOID to change the transaction status.

  • Voiding a Transaction – No Trust Deposit1)        Select the transaction that you wish to void.

    Click on the Void button.

    • 3)        A warning will pop up:  “Are you sure you want to void this transaction?”4)        Click “OK” to close window
    • The flag will generate as follows:
      1. a) Open transaction – Empty (not applicable)
      2. b) Closed Transaction – The date that the closed transaction is posted to accounting system
      1. c) Voided Transaction – The date “Void” button is clicked and voided
      2. d) Reversed Transaction – Empty (Reverse action will reset the transaction to “Open” status and the process date to empty)

      Voided transaction can also be un voided, by doing an Advance search for the Voided transaction and select the Unvoid Deal.

      a) Open transaction – Empty (not applicable)b) Closed Transaction – The date that the closed transaction is posted to accounting system

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