Unit Refund
A unit refund ends a sale. It works out what the buyer has paid, takes an adjustment such as a deduction, and marks the agreement as refunded or bought back. The money is then paid back through a customer invoice memo in Receivables that picks this refund.
What it is for
| Type | On Save | The unit afterwards |
|---|---|---|
| Refund | The agreement is marked Refund | Free to sell again on a Sales agreement |
| Buy Back Refund | The agreement is marked Buy Back | Tick Unit For Sales Buy Back on the unit and pick this agreement, to resell it on a Buy Back Sales agreement |
Paid Amount is filled when the agreement is picked: what Sales billing proposals cleared on it, less anything already carried away by a unit transfer. Payment Amount is Paid Amount plus Adjustment Amount, so a deduction is a negative adjustment.
Deleting the refund clears the mark on the agreement again.
The one rule people get wrong: this screen does not pay anything. The refund is booked in Receivables, on a customer invoice memo for unit refunds, which reads the refund's amounts and the refund payment categories of the setting.
Every field in plain words
| Field | What it means | What to put |
|---|---|---|
| Transaction | The number | |
| Transaction Date | The date | Required; not before the agreement date |
| Type | Refund or Buy Back Refund | Required |
| Project, Property, Unit No, Name | The unit | Required. Changing the property clears the unit |
| Customer, Name | The buyer | |
| Sales Agreement | The agreement refunded | Required. Picking it fills Paid Amount |
| Paid Amount | What the buyer has paid | Required |
| Adjustment Amount | A deduction (negative) or an addition | Minus 10 percent of the paid amount, as a negative figure, for a cancellation charge |
| Payment Amount | What is to be paid back | Must be above zero |
| Header, Footer | The refund letter's text |
How to configure it
Name the Unit Refund Payment Category and the two adjustment categories (and the buy back versions) on Real Estate Setting, each with its account on the posting profile.
Scenarios
- A buyer cancels after paying 1,000,000 and the policy keeps 10 percent. Type Refund, Adjustment Amount minus 100,000, Payment Amount 900,000. Then pay it from Receivables.
- The developer buys a unit back to resell it. Type Buy Back Refund. Then mark the unit for buy back sale.
What it is connected to
- Sales Agreement is marked refunded or bought back, and becomes read only.
- The Customer Invoice Memo in Receivables pays the refund.
- Real Estate Unit is freed for sale.
If something looks wrong
- "Payment Amount cannot be zero". The adjustment wipes out the whole paid amount.
- "This unit is Buy Back you cannot create Buy Back Refund". The unit is already marked for buy back sale.
- "Sales Agreement is not created of ...". The unit has no agreement that is not already refunded.
- "Transaction Date cannot smaller then Sales Agreement Date". Move the date.
- "No Payments Found". Nothing has been cleared on the agreement.