How to Enter a Bankruptcy

Objective: This article will cover how to enter an owners account into bankruptcy and split the ledger into pre-petition and post-petition balance ledgers.

To enter a bankruptcy on an owners account, first go to the Homeowners > Action items screen for the homeowner in question. Then, create the Bankruptcy action item in the first step "Enter Bankruptcy" and press update (screenshot below).

 

This will create the bankruptcy action item on the owners account. Select that action item you just created so that it shows in your action center window on the left hand side of your Vantaca tab. In the action center window at the bottom next to the menu button and the attachment icon, click the "BK" button. 

 

Once you press that "BK" button, it will bring up the Homeowner Bankruptcy window (screenshot below). This is where you will enter the date of the bankruptcy and then click update. It will then split the ledger with the pre-petition balance (anything before the date entered) being on the Bankruptcy tab of the owners ledger and then the post-petition balance being on the actual Transactions tab of the owners account. Once the date is entered and account split, you can step the action item to the Pending Bankruptcy step to hold it until the bankruptcy is completed.

 

When going to the Bankruptcy tab on the Homeowners > Ledger, you can see the XN number of the bankruptcy,  the bankruptcy date, and options to Complete and Void the bankruptcy item or generate a Transaction History report of the bankruptcy ledger. If you click the drop-down arrow next to the XN number, it will show the breakdown of the balance on the bankruptcy ledger by charge.

When the bankruptcy is complete, you can press the Completed button to the far right on that bankruptcy tab. It will prompt you to enter the date of the completed bankruptcy and once entered will close the item. 

If you need to Void the bankruptcy and re-enter or void due to it being invalid, you can press the Void button directly under the completed, and enter a date and void reason, which will then void the item and recombine the pre and post bankruptcy ledgers. 

If you need a transaction history report/statement of the transactions on the pre-petition bankruptcy ledger, just press the Transaction History Report button directly under completed and void. The system will create a new window with the report where you can modify the dates if needed and download the file to be printed.