To manually enter a HUD statement for a property sale into FlipperForce, you'll categorize entries into either the Income Tracker or the Expense Tracker based on whether they represent income or expenses for the seller.

FlipperForce Income Tracker Entry

• Contract Sales Price (Resale Income): Locate the "Summary of Seller's Transaction" section on the HUD statement. The "Contract Sales Price" (Line 401: $201,000.00 in your example) should be entered into the FlipperForce Income Tracker. This should be categorized as "Resale Income".

FlipperForce Expense Tracker Entries

All other items in the "Summary of Seller's Transaction" that reduce the amount due to the seller will be tracked on the Expense Tracker. These generally fall into two main categories:

Adjustments and Reductions (Holding Costs):

Look for "Adjustments for items unpaid by seller" or "Adjustments for items paid by seller in advance". These often include property taxes, assessment taxes, and HOA dues.

1. For property taxes, these should generally be categorized under "Holding Costs" in your Expense Tracker.
2. Any other miscellaneous costs within "Adjustments for items unpaid by seller" or "Reductions in Amount Due to Seller" that are not property taxes should be categorized as "Selling Costs."

Settlement Charges (Selling Costs):

1. Refer to the "L. Settlement Charges" section (typically on page 2 of the HUD statement). This section provides an itemized list of expenses paid from the sale proceeds.
2. Real Estate Commissions: The largest portion of settlement charges will often be real estate commissions (e.g., Line 703: Commission Paid at Settlement). These are "Selling Costs."
3. Other Settlement Charges: All other itemized charges within this section, such as:
   • Title Charges (e.g., Line 1101: Settlement or closing fee; Line 1108: Title insurance)
   • Government Recording and Transfer Charges (e.g., Line 1204: Recording - Notices; Line 1206: Recording)
   • Additional Settlement Charges (e.g., Line 1301: Survey; Line 1303: Mobile Notary for Seller)
4. All of these settlement charges should be categorized as "Selling Costs" in your Expense Tracker.

By following these guidelines, you can accurately record your property sale transaction within FlipperForce, ensuring your income and expenses are correctly categorized.