Reconciling DAs / Payments in RealScale w/ the Bank Account

Reconciling the Disbursement Authorization payments with our bank account is very important. This is the process by which you look at our transactions that are status "Authorized" and make sure that we've received the payments for the transactions from the title companies. More than 90% of these payments come in by wire, but some of them are sent in via paper check. It does not matter if there is a wire or check. The only difference is you won't see the check amount on Wave so the next action would be to email the agent and confirm that they were paid and the amount.

You will want to do this process on Fridays and Monday-Thursday respond to people about missing wires and or changed close dates.

Step 1 - Open up RealScale "Authorized" transactions in one window

You'll need to open up two windows in order to complete this quickly. It's best to have two monitors you can reference. Go to this direct link: https://app.realscale.com/v2/transactions?active_status_link=purchase_authorized&q%5Baasm_state_in%5D%5B%5D=authorized&q%5Bs%5D=transaction_close+asc&q%5Btransaction_type_in%5D%5B%5D=buyer&q%5Btransaction_type_in%5D%5B%5D=seller

Step 2 - Open up Wave > Transactions > Keystone 373 in a separate window

You can go to this direct link https://next.waveapps.com/c2bc9b48-05c6-4b90-bb6a-ce14bee86310/transactions

Once there, select "Keystone 373" from the accounts drop down:

Step 3 - Sort the RealScale Transactions by Date Newest First

Step 4 - Identify the RealScale Transactions in Wave

Make sure to cross-reference 'Office Payouts' and not 'Agent Payouts'.

Step 5 - Update Transaction in Wave:

Once you are able to match a payment in RealScale with one in Wave you must update the transaction in Wave, heres how you do so. Click on the circle under "actions" for that transaction and click "edit more details" once here go to "description" and edit this line to say "WTC" instead of "Wire Transfer Credit". The next step is to click on "category" and adjust this to "commission income". The final step in this process is to go under "Notes" and add the property address that matches that transaction as well as the date that is in RealScale. If there are any additional notes about the transaction please add them under the property address in "Notes".

Step 6 - Does a transaction (or transaction) exist in RealScale that you can't find in Wave?

Now you get to play detective! Most of the time, the reason you can't find it is b/c the amount wired in was different (by a small amount) than what is in RealScale. In this case, you want to reference RealScale to find the title company. You can email directly from RealScale so that you can include the DA without having to download/upload. (Email template below the video.) Please wait 4 days after the closing date to email the escrow officer about the missing wire.

In case you can't find the wire in Wave, it could either mean that the agent has been paid through a check or that there was a change in close date where a transaction should have been closed and you are not seeing a wire transfer but that is because the close date was pushed back. Sometimes the agent forgets to update the closing date in RealScale which causes this confusion. Typically, after 2-3 days, I will email the agent to confirm the closing date and/or inquire if they received a check. So the next action would be to email the agent and confirm that they were paid and the amount. Please see below the email template for the agent.