Closing Adjustments

Lot Closing Concepts and Setup

Closing a lot requires financial transactions to be posted to finalize the deal.

After completing the setup (described below) you will need to populate the Closing Adjustment Journals from the Lot, enter the correct values and post the journal.

We have provided a tool to setup standard templates which are used as a basis for creating the Closing Adjustment Journals. Please review the page Standard Adjustment Journals for how to setup these templates.

Important

To be able to view the Posted Adjustment Entries as a single list you must first enable this functionality. Open the page "General Journal Templates" and check flag "Copy to Posted Jnl. Line" for the Closing Adjustment Journal.

How to Create the Closing Adjustment Journal

Open the Lot Card and run the action "Change Status" to change lot Status to 'Sold Closed'.
From the Lot Card, run the action "Populate Adjustment Journal".
In the pop-up page, select "Job Batch Name", "Standard General Journal Code" (references your template), enter the "Posting Date" and press "OK"
Upon pressing "OK", the system automatically opens the page "Closing Adjustment Journals" with journal lines populated.
You also can open this page by searching it or by navigation in a Roles Center (i.e. Homebuilder - Operations - Closing Adjustment Journals).
Fill-in the missing Amounts and make sure that the "Total Balance" is 0.00.
Post the journal lines from the Action - Post.

Viewing the Posted Adjustment Entries

If you completed all the setup described in this page, you will be able to view the posted entries, run the action "Posted Adjustment Entries" in either the Lots list or card.