Understanding Sales Closings
Before you close a sale, you must ensure that the accounting records accurately reflect all of the details of the closing transaction. For example, you should:
Separate revenue by base house, lot premium, individual options, or option categories.
Record any concessions or incentives.
Record commissions and any warranty-reserve costs.
Record any additional items from the closing statement, such as title or escrow fees.
The Closing Worksheet Entries program (P44H591) combines information from the closing worksheet template, as well as lot information from the Sales Master (F44H501), Option Master (F44H401), and Closing Worksheet Extended Data Mapping (F44H592) tables to generate the closing journal entry. You can reconcile the closing journal to the HUD1 statement.