14.05 A Real Estate Broker is giving a $500 credit to the Buyer. I need to put the credit in the 200

14.05 A Real Estate Broker is giving a $500 credit to the Buyer. I need to put the credit in the 200 section, but I also need to deduct the amount of the credit from the Broker's check. How do I show this in the HUD?

  • An amount entered in the Buyers Credits tab, 200 section of the HUD, will show as Incoming Funds in the Reconciliation module (Balance Sheet). Unless the $500 is being received as incoming funds, it should not be shown as a credit in that section.
  • Select Line 704 on the Brokers tab in the HUD.
  • Enter the credit as a negative number in the Borrower Paid from funds field. This will give the credit to the buyer.
  • Open the Reconciliation module (Balance Sheet), then combine the Broker's line item with the negative amount. This will net the credit from the Broker's check.
  • An amount entered in the Buyers Credits tab, 200 section of the HUD, will show as Incoming Funds in the Reconciliation module (Balance Sheet). Unless the $500 is being received as incoming funds, it should not be shown as a credit in that section.
  • Select Line 704 on the Brokers tab in the HUD.
  • Enter the credit as a negative number in the Borrower Paid from funds field. This will give the credit to the buyer.
  • Open the Reconciliation module (Balance Sheet), then combine the Broker's line item with the negative amount. This will net the credit from the Broker's check.

06/26/2015