Skip to main content

How do I cancel a sale and refund the buyer, or buy the unit back?

Make a Unit Refund of type Refund or Buy Back Refund, with any deduction as a negative adjustment, then pay it through the unit refund invoice memo in Receivables.

Screen
Unit Refund (Real Estate › Refund)
Who
The real estate accountant
Takes effect
On save the agreement is closed; the money moves when the memo is saved in Receivables
Needs first
Refund categories on Real Estate Setting

Before you start​

  • Refund categories with accounts.

Steps​

  1. Open Unit Refund, give Transaction Date, Type, Project, Property, Unit No and Sales Agreement. Paid Amount fills in.
  2. Enter the deduction as a negative Adjustment Amount.
  3. Save. The agreement is marked refunded or bought back.
  4. In Receivables, make the customer invoice memo for unit refunds and pick this refund. See Customer Invoice Memo.
  5. For a buy back, mark the unit Unit For Sales Buy Back on Real Estate Unit and pick the agreement, to resell it.

Check it worked​

  • The agreement is read only and marked Refund or Buy Back.
  • The unit is offered again for sale.

If something looks wrong​

  • "No Payments Found" Nothing was cleared on the agreement.
  • "Payment Amount cannot be zero" The deduction is the whole amount.