Accessing and Modifying the Statement of Adjustments (MB)
To access the Statement of Adjustments, navigate to the Financial screen and select the Stmt of Adjustments tab.
The Statement of Adjustments shows the adjustments between the parties. The Balance Due on Closing is calculated, based on the purchase price, deposit, and any adjustments made on the transaction. Adjustments can be added directly to this screen by clicking Add Adjustment. Several types of adjustments are discussed in greater detail below.
Finally, you can generate the statement by clicking the Create Statement of Adjustments button at the top right of the screen below the tab selection.
Property Tax Adjustment
Select the relevant Tax Adjustment, such as Current or TIPPS, which will open the Issues WorkBench. In the Issues WorkBench, enter the Total Taxes and how much the Vendor paid. Based on the results, either the Credit Purchaser ($) (or Credit Vendor ($)) will appear in the Stmt of Adjustments tab under the Financial button.
The Adjustment Text is part of your firm’s database, and if you right-click the field, it will allow you to add, remove, or add the text as default. Clicking the ellipsis button will open up your firm’s clause database.
Condominium & Rent Adjustment
Condo Fees and Rent Adjustments are calculated using the Common Expenses adjustment. Enter the monthly rental amount, how much the vendor has paid, and the date of next payment.
Fixed & Prorated Adjustments
Other Adjustments, Fixed and Prorated can work for most other types of adjustments.
For Fixed Adjustments, enter the description and the amount of Adjustment, and then select who will be credited for the Adjustment. Enter the Total Amount, and select or enter the adjustment text.
For a Prorated Adjustment, enter the description, amount of adjustment, the period over which the adjustment is to be calculated, and how much the vendor has paid, and then select or enter the appropriate adjustment text from your firm’s database.
Reporting on Adjustments
To report on an adjustment, navigate to the Issues screen. Select the relevant adjustment from the Issues list (for example, Property Tax > Property Tax Adjustments > Property Taxes - Current - TIPP). In the Issues WorkBench, check the Reporting Letter checkbox.
The reporting letter functionality will bring the reporting letter text into your report to vendor. This works in the same way as the adjustment in that you can save different reporting letter text to your database by right clicking to save the text to your database and/or setting the default clause text.
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Billing, Accounting Integrations, Admin Functions & Reports
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