You can easily track all transactions that are associated with receiving an Escrow & Trust from a customer. To have the ability to Manage Escrows & Trusts you must first select the Sales preference ‘I Use Escrows & Trusts and I prefer to call them....’. Selecting this preference will enable you to create a list of Ecrows & Trusts received and manage the status of each.
note : Escrows & Trusts preference
Once you have selected from either Escrow or Trust, this will become the default type whenever you create an escrow or trust.
This feature will enable you to receive money to a escrow/trust, pay sales using the escrow/trust, print statements and create letters to your customers to request a replenishment of the escrow/trust.
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Click the Sales tab.
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Select the I Use Escrows & Trusts option. Select what you would prefer to call them from the drop down menu.
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Select the Type you are tracking.
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In the Escrow/Trust Name field, enter the name you will use to identify the escrow or trust and press TAB.
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In the Description field, type a description of the escrow/trust or any notes relating to the escrow/trust.
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Select a Linked Customer and the name of the contact person.
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In the Liability Account for Tracking Funds enter the account used to track the escrow/trust
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In the Deposit Funds into Account field, enter the account used for deposits.
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Go to the Sales command centre and select Escrows & Trusts. The Escrows & Trusts List window will appear.
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Deposit to Account. Select this option to record a Receive Escrow/Trust transaction directly into an account that is a bank or credit card account type.
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Group with Undeposited Funds. Select this option if you want to include this payment in a bank deposit. For more information about undeposited funds and preparing bank deposits, see Preparing a bank deposit
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The Payor, ID#, Date, Payment Method, Escrow/Trust Memo field will be auto filled using the information provided.
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Enter the Acct#, Name, Amount, Job and Memo for each allocated account.
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Click Record.
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Click Spend Escrow/Trust. The Spend Escrow/Trust window appears.
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Enter the customer from which the escrow/trust was received and all other information for the sale, then click Record. For more information on entering sales, see ‘Entering sales’.
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Click Cancel to close the sales window.
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Select Pay from Escrow/Trust and enter the customer from which the escrow/trust was received. The name of the linked customer on the escrow/trust and the Escrow/Trust Balance will appear.
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Enter the amount received and the amount applied to the sale.
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Click Record.
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Select Pay from Escrow/Trust and enter the customer from which the escrow/trust was received. The name of the linked customer on the escrow/trust and the Escrow/Trust Balance will appear.
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Enter the Amount Received.
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If you have multiple escrows/trusts for a customer you can select the one you want to use.
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In the Escrow/Trust field, click the drop down arrow.
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note : Escrows & Trusts list
Only active escrows & trusts for a linked customer will appear in the list.
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Click OK.
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Enter the Amount Applied to the sale.
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Click Record.
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