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
|
1
|
|
2
|
Click the Sales tab.
|
|
3
|
Select the I Use Escrows & Trusts option. Select what you would prefer to call them from the drop down menu.
|
|
1
|
|
2
|
|
3
|
Select the Type you are tracking.
|
|
4
|
In the Escrow/Trust Name field, enter the name you will use to identify the escrow or trust and press TAB.
|
|
5
|
In the Description field, type a description of the escrow/trust or any notes relating to the escrow/trust.
|
|
6
|
Select a Linked Customer and the name of the contact person.
|
|
7
|
In the Liability Account for Tracking Funds enter the account used to track the escrow/trust
|
|
8
|
In the Deposit Funds into Account field, enter the account used for deposits.
|
|
1
|
Go to the Sales command centre and select Escrows & Trusts. The Escrows & Trusts List window will appear.
|
|
3
|
|
▪
|
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.
|
|
▪
|
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 Bank deposits
|
|
8
|
Click Record.
|
|
1
|
From the Lists menu, select Escrows & Trusts. The Escrows & Trusts List window appears.
|
|
2
|
|
3
|
Click Spend Escrow/Trust. The Spend Escrow/Trust window appears.
|
|
4
|
|
1
|
|
2
|
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.
|
|
3
|
Click Cancel to close the sales window.
|
|
4
|
|
5
|
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.
|
|
6
|
Enter the amount received and the amount applied to the sale.
|
|
7
|
Click Record.
|
|
1
|
|
2
|
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.
|
|
3
|
Enter the Amount Received.
|
|
a
|
|
b
|
In the Escrow/Trust field, click the drop down arrow.
|
note : Escrows & Trusts list
|
e
|
Click OK.
|
|
5
|
Enter the Amount Applied to the sale.
|
|
6
|
Click Record.
|
