Adjustments and Payments view in the Financial Settlement Schedule

BrettCS · ‎28-11-2017

Last updated: 5 September 2019
Jurisdiction: ALL
Additional Resources: Help Card

NEXT RELEASE UPDATE

From R13.1.1, the Adjustments and Payments tab will be the default view, however you can set the default view to the Destinations tab at any time.

Overview

Practitioner firms, processing Transfer transactions, can leverage Statement of Adjustments functionality within your Financial Settlement Schedule. It offers additional functionality to allow for Incoming Proprietors and Proprietors on Title to enter adjustment line items, calculate adjustments, and then complete the Payment directions.

By default, the Statements and Adjustments functionality is enabled via the Adjustments and Payments tab, which replaces the Destinations tab. However, Subscribers Managers can switch this functionality off at any time.

To launch an interactive click through demo on How to use the Payments & Adjustments Functionality in the Financial Settlement Schedule (FSS) click here.

(Note: Audio to be added)

Adjustments and Payments tab

Steps

Set the deafult view

Subscribers Managers are able to set the default view to either Destinations view or Adjustments and Payments view at any time:

Select Administration Tools > Manage Subscriber Details.
Scroll down the page to the Financial Settlement Schedule – Adjustments Preferences section.
Select a preferred display and then click Save.

Result: All users for your organisation can now navigate to the Settlement Schedule screen and will see the new tab for Adjustments and Payments tab (replacing the Destinations tab).

Note: Destination line items can still be added at the bottom of the screen. This is the same functionality as you see on the standard Destinations tab, but are now clearly identified based on your role in the Workspace.

Printing the Statement of Adjustments

You can print a Statement of Adjustment from within PEXA.

After you have entered and saved an adjustment on the Adjustments and Payments tab, click Download Statement to generate a PDF version for printing.

jlc · ‎30-11-2017

this is a great improvement to the PEXA platform. is it available now? i have logged in can not find the heading Financial Settlement Schedule – Adjustments Preferences under the manage subscriber details. thanks

BrettCS · ‎30-11-2017

Hello @jlc

Thanks for the feedback...It will be available on Monday 4 December (next week) once we deploy release 7.0.1. I will label the date in the article now.

Please check on Monday and let us know your thoughts.

Thanks

Brett

HA · ‎04-12-2017

This is great feature. But do all parties to a workspace need to switch the capability on to view the adjustments that the Seller's Representative has entered?

BrettCS · ‎04-12-2017

Hello @HA

Yes, to view the Adjustments, the other participants in the workspace must have Adjustments Tab switched on as well. (as mentioned above, this is done by their Subscriber Administrator via the Administrator Tools screen)

Thanks

Brett

BrettCS · ‎05-12-2017

Hello @jlc, @HA and others,

If you have switched the new Adjustments view on, we would love to hear your first impressions?

We're working on some further enhancements and it would be great to get your feedback.

Thanks

Brett

HA · ‎05-12-2017

Hi Brett

My organisation switched it on briefly to try it and we were really impressed. However, we have since switched it off. Our organisation would like to move to a situation where all parties to a workspace have the view switched on and rather than send each other Settlement Statements with adjustments via fax or email, they can just enter the workspace and use the Adjustments and Payments View. Some suggestions:

1. Make the Adjustments and Payments the default view.

2. Provide a View function so the adjustments line items and the settlement statement can be printed.

Regards

Allan

jlc · ‎06-12-2017

Hi Brett,

i turned this function on yesterday and am quiet impressed by it.

we used it as a second check point on figures rather than the only way we did adjustments. whilst i do agree it would be good to know that all parties to the work space could see the figures, as a firm we are happy to use our settlement statement outside of PEXA as well.

i really do like the fact that the purchaser and vendor costs are separated out so it is easier to confirm who is responsible for each destination.

regards

Joanne

BrettCS · ‎06-12-2017

Thanks @jlc

Fantastic feedback. Thanks for taking the time to both try out our new solution and write up your response.

Thanks again,

Brett

PetaStewart · ‎10-12-2017

The adjustments and payments tab needs to have a function to make an allowance (or adjustment) which is not date based.

Such allowances are commonly made on settlement adjustment sheets. If the adjustment tab in PEXA is to work is must have the ability to mirror the adjustments made between the parties which are currently made out of the PEXA workspace.

Examples include:

When a Vendor allows the Purchaser a registration fee for a Discharge of Mortgage

An allowance agreed between the parties for work not done to the property ‘the Vendor allows $2,500.00 to the Purchaser for work required to patio’

A water meter reading allowance that is not date based

An allowance for a strata s184 certificate

All of theses allowances need to be made but are not dated based.

Another function needed would be that to calculate occupation fees or penalty interest.

Without this functionality, the adjustment and payments tab cannot be used as it will not mirror the statement of adjustments which it must.

I am very excited about when the adjustments and payments on the FSS can be used however it still has some work to do.

It also need to be able to be printed. The it avoids double handing by preparing one of out PEXA and also in PEXA.

Perhaps also a function where the other side can be prompted to switch to this view.

I am really excited about this but it is not yet functional enough to be able to integrate into daily practice.

If you can please review and advise.

N.B. my comments are for NSW conveyancing.

MichelleFinn · ‎11-12-2017

Thanks @PetaStewart. Great feedback.

I can see that some further calculation fields are essential as you mentioned.

An initial suggestion, if you use the additional fee/allowance as the adjustment description the date fields are removed. You can then insert the required amount under the vendor or purchaser column. Also, you should be able to ctrl p or right click on mouse to print the page.

BrettCS · ‎11-12-2017

Thanks @PetaStewart and @MichaelLi

Great feedback.

We'll record your adjustment recommendations and investigate further.

And we are working on a PDF Statement of Adjustments for printing at the moment.

Thanks

Brett

SBray · ‎12-12-2017

@Marty - FYI re above feedback if you have not seen it to date.

goolwaconveyancing · ‎11-01-2018

Hi, in South Australia I don't think we will use this much - we tend do adjustments of software that also puts it all in our clients final settlement statements - so it would be double entry for us...but we will watch the space and monitor its usability in the future

JenSan · ‎09-04-2018

Hi.

The deposit amount does not appear on the downloaded statement of adjustment. How do I fix that?

Also, how is the discharge of mortgage fee allowed for? Is this included in the Lodgement Fees?

Thank you.

Marty · ‎10-04-2018

Hi @JenSan,

We're aware of the deposit amount not appearing on the downloadable statement. We plan to fix this in an upcoming release.

Yes, the Discharge of Mortgage fee forms part of the Lodgement Fees charged to the Mortgagee on Title. Here is a detailed run-down of the various fees involved in a PEXA transaction: PEXA Fees and Lodgement Fees - FAQs

I hope that helps.

Thanks,

Marty

Susandunn · ‎23-04-2018

when entering water usage there is no space for date of last meter reading, average daily consumption and cost per kl. I am sure there used to be when the settlement adjustments first came out on PEXA. The last few purchases I have done it seems to have disappeared so I have to work out the amount first and put the amount payable by purchase under other.

goolwaconveyancing · ‎22-05-2018

I have been doing the adjustment factor for a couple of months ..(never calculate correctly but easy to override) .. with the latest update - i can no longer put the deposit paid by the Purchaser until the Transfer has been prepared. As the conveyancer for Proprietor on Title, I like to do as much as I can when I send the invite, (just in case others are smart enough to turn this feature on...) - can I suggest that deposit paid is not dependent on the preparation of the transfer document. Incoming proprietor conveyancer is often waiting client instructions prior to preparing the transfer document (which I am not notified of).. Deposit needs to be independent of the Transfer please

goolwaconveyancing · ‎22-05-2018

I have been puting the discharge of Mortgage registration fee as "Additional fee/ Allowance" - debit to vendor .. it works as it is not an adjustment

Essem

If I switch to Adjustments & Payments tab do I HAVE to use the adjustment feature? I only want to be able to see the destination lines for Vendor and Purchaser, which when using in Destinations tab only sometimes are allocated to the other party and can't be corrected resulting in unallocated funds showing in error. So I only want to use this feature of this view and not the Adjustment calculation part. Is that possible?

Marty

Hi @Essem,

You definitely don't have to use the adjustments feature if you switch on Adjustments & Payments. You can skip past that section and go straight to the destination line items.

I hope that helps.

Marty