Escrow Accounts

Navigate: Tax > Accounts Receivable > Escrow Accounts

Description

Use this task to manage escrow accounts, including:

• Add new escrow accounts.

• Maintain escrow information, including escrow type, account number, amount, and associated legal party.

• View escrow transaction history.

Once a legal party is defined, the legal party information is associated to the escrow account using the Legal Party Role table.

NOTE: Money received as payments towards escrow accounts is not available for use as tender towards transactions until balancing and reconciliation has been completed.

Steps

1. On the Escrow Accounts screen, click New or click Edit for an existing item in the Escrow Accounts panel.

2. On the Escrow Account Maintenance screen, make a selection from the Escrow Type drop-down list.

3. Enter the escrow number and name.

4. In the Legal Party Information panel, click Change Party.

   • On the Records Search for Legal Party screen, enter your search criteria and click Search.
   • On the Records Search Results for Legal Party screen, click to select an item in the Search Results panel.
   • You automatically return to the Escrow Accounts screen and the legal party information is displayed.
   • If necessary, click Edit Legal Party to open the Maintain Legal Party screen. When finished, click Save and Return.

5. Click Save.

6. Click the Escrow Transaction History tab.

7. Click the plus + sign for an installment to view its details.

8. Click any transaction row to view the payment details.

   • Click Previous to return to this screen.

   • Click Close to end the task.

Setup and Configuration

You must define systypes for the Escrow Type field on the Edit Escrow screen.

Click here to learn how to add the systype.

1. Click Configuration > Systype Categories.
2. On the Select Systype Category screen, locate AREscrowType and click on it.
3. On the Edit a Systype Category screen, start typing Accounts Receivable Escrow Type in the Associated Category field and click to select it.
4. In the Associated Systype Categories panel, click Add.
5. Enter a description.
6. In the Filters field, start typing and select a filter.
7. Click Save in the Command Item bar.
• Click Close to end the task.
8. Click Configuration > Systypes.
9. On the Select Systype screen, enter or select the effective date.
10. In the Systype Category field, start typing Accounts Receivable Escrow Type and click to select it.
11. Click New to create new systypes for the Escrow Type drop-down list.
12. On the New Systype screen, enter the relevant information and click Save.
• Click Close to end the task.