Adding and Revoking an Escrow Deposit

    • 0 step |
    • 3 minutes
      Navigate to Brokerage Engine.
      Click "Quick Actions" to search for the Transaction.
      Click "Advance Search"
      Click "Transaction" from the dropdown menu.
      Click the "Search..." field and type at least 4 characters.
      Click the "Search" button.
      Click on the Action button to open the Transaction.
      Click "Commission Detail"

      Add Escrow Deposit

      Click "Add Deposit"
      Click on the small calendar icon to record the date of the deposit. This field will always default to today's date.
      Click this text field to type an optional Receipt Number.
      Select a Contact from the dropdown menu.
      Type the amount in this text field.
      This section will default to the Escrow Deposit Banking Account selected on the Brokerage Settings. In order to select another account, click on the dropdown menu.
      Click this text field to add optional Notes.
      Click "Save"
      The Escrow Details will then display and show the status of the Deposit as "Entered".
      Click "Download PDF" to obtain a Transaction Escrow Breakdown.
      The Transaction Escrow Breakdown will then download in a PDF format.
      An additional deposit can be recorded by clicking on the "+Add Deposit" button.

      Revoke Escrow Deposit

      Click "Revoke Deposit"
      The Revoke Date can be edited by using the small calendar icon.
      Click "Save"
      The Escrow Details will show the Deposit as Revoked.
      Click "Download PDF" to pull a new Transaction Escrow Breakdown.
      The Transaction Escrow Breakdown will then download in a PDF format.
      Revoked Escrow Deposits do not display on the Breakdown.
      Click "Close"

      Verify Entries in the Accounting Module

      Click "Accounting"
      Click "Banking"
      Click "Bank Register"
      Select the Escrow Account from the dropdown menu.
      The Bank Register will show the deposit and the reversal.
      Click on the Action button to review the Journal Entries.
      The Journal Entries will then display showing the recording of the Deposit.
      Click on the Action button to review the Journal Entries.
      The Journal Entries will then display showing the revoking of the Escrow Deposit.
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