Easy HUD's Ledger Module Saves Time And Money
Easy HUD works with several optional modules that add new features you might need in your practice. One of those is the Ledger Module, which adds a professional accounting ledger to the HUD settlement statement software.
Why Do You Need A Ledger?
Property sales involve a confusing web of transactions:
- Fees, commissions, taxes and other charges mean lots of payments need to go out.
- Pre-disbursed items must be tracked along with payments made from buyer funds.
- Deposits with brokers or other entities must be accounted for.
- A single incoming deposit or outgoing payment might apply to several different properties. For example rather than paying an inspector three different checks for three inspections, it would make more sense to write one check.
Handwritten memos, scribbled notes on your copy the HUD, clumsy spreadsheets or other cobbled together systems aren't going to give the accurate and comprehensive record of all your transactions that a dedicated closing ledger will. If you are audited, will you be able to clearly show the path of every dollar that has been through your hands? You will if you have a true closing ledger.
Although you could use an accounting program to create a separate ledger, you will make fewer mistakes if you use the integrated ledger module in Easy HUD. An outside ledger requires you to enter each transaction yourself. If you make an error you won't see it until the ledger doesn't balance, and then you have the task of finding the mistake. You can't afford to spend hours poring over your transactions to find one entry with transposed digits or a misplaced decimal point.
Easy HUD's Ledger Module pulls information right from the HUD-1 settlement statement so you know it's right. This saves time you would spend entering the information by hand, and time you would spend trying to find incorrect entries. All of the client information is easily available in one central location, and all the numbers correspond with each other. You balance your books more easily, and that means faster closing.
In these days of electronic transactions, many of your vendors still want paper checks. You can write the checks by hand and enter them into the ledger but that again creates the possibility of errors. You also need to track single checks that apply to multiple sales, or multiple checks that cover a single charge on the HUD-1 form.
Easy HUD is able to print professional quality checks from right inside the software. You can choose to have the checks numbered in sequence automatically, or to enter manual check numbers. Of course you can also write manual checks if you need to and enter those into the ledger from within Easy HUD.
When you work with a fully-integrated real estate closing program, you are able to close faster, save time, reduce errors, and run your practice more efficiently. The Ledger Module is just one of many tools designed to help you customize Easy HUD to your practice's needs.