Brokerage Engine Support

Overview of the After Action Function


Overview:

The After Action Function, for transactions paid at Brokerage, is among the most effective instruments provided by Brokerage Engine Accounting. It enables the user to modify payments made to the agents and, if necessary, aid in the recovery of overpayments from the agents.


There are numerous approaches to implementing After Action, as well as multiple techniques by which it can be utilized. We will provide a helpful breakdown of the methods listed below.


Revising your Deposit and Revoking the Transaction


Revoking the transaction from the Accounting Modules is the first step of the After Action Function. Unless the deposit was recorded in the Bank Register through a Journal Entry or is currently in the Undeposited Funds account, the system will not revoke the transaction.  

Due to the fact that Brokerage Engine Accounting provides multiple methods for deposit recording, the user must be aware of the method used to record the deposit prior to revoking  the transaction.


  • Method One of Recording the Deposit: Answering “Yes” to Post the Deposit when uploading it to Accounting. This will result in the deposit being recorded in the Bank Register via a Journal Entry. If the deposit was recorded using this method, then no further action is required, and the Transaction can be revoked. For a useful resouce on After Action with a Posted Deposit, please click on this link.


  • Method Two of Recording the Deposit: Answering “No” to Post the Deposit when uploading it to Accounting. This will result in the deposit being recorded from the Undeposited Funds account. If the deposit was recorded together with multiple deposits, which are additional deposit entries from separate transactions, then the deposit must be located in the Bank Register, unselected, and saved. For a useful resource on After Action with batched deposits, please click on this link.

  • Method Three of Recording the Deposit: Answering “No” to Post the Deposit when uploading it to Accounting.  This will result in the deposit being recorded from the Undeposited Funds account. If the deposit was recorded individually on the Bank Register, then the entry must be deleted in QuickBooks Online. For a useful resource on After Action with individual deposits, please click on this link. 


Hint: The Activity Log on the Commission Detail Page will provide information on whether a deposit was posted as a Journal Entry or using Undeposited Funds when Uploading to Accounting.


Once the deposit has been reviewed, the transaction is ready to be revoked.


Creating a Reversal Journal Entry


It is advised to generate a Reversal Journal Entry for closed transactions that occurred during closed and locked accounting periods. For a useful resource on After Action with a Reversal, please click on this link.


At this time, the transaction has been authorized to be reopened. There is now the ability to perform any modifications. It may be completed and subsequently uploaded to Accounting. In accordance with the choices made, the system will automatically generate adjustment entries.


The After After Action Checklist will appear. To remove any of the newly created payments from the EFT payments in the Work Queue and the Print Check Queue, the system will automatically select the corresponding checkboxes. Furthermore, the system will establish an association between the old bill amount and the new bill payment already disbursed to the Agent(s). To facilitate the recovery of funds, overpayment invoices are generated by the system. To facilitate new payments due to the Agent(s) the system will generate partial bill payments to be processed in the Accounting module. 


Processing your Deposit


  • No additional action is necessary if the deposit was initially recorded in the Bank Register as a Journal Entry, as outlined in Method One.

  • In the event that the deposit was initially batch-processed alongside other deposits, as described in Method Two, it becomes required to locate the initial deposit and re-select the deposit entries. This will guarantee consistency between the Bank Register and the Bank Statement.

  • In the event that the deposit was individually recorded, as outlined in Method Three, the entries will be located in the Undeposited Funds section and may be re-recorded to the Bank Register. The date and account must be identical with the initial deposit for it to remain accurate.





Video Example:


For a complete video walkthrough of the After Action Function, watch the video below. 



















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