Tip!
Can always use 'add new person' if escrow funds did not come from the buyer/seller on transaction
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Enter the amount of the escrow deposit
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Tip!
Escrow account should already be defaulted to your primary escrow account. Should only need changed if you have a secondary escrow accounts
Alert!
Do NOT select your commission or operating account. If keeping the funds the escrow money will automatically transfer to the operations/commissions account when you indicate you are keeping the escrow money
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Select Escrow account for funds to be deposited into
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Click "Save"
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View deposit here. If needing to correct mistake the escrow deposit can be revoked.
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Click "Close"
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When holding escrow, but you have not yet indicated you are keeping escrow or paying it out, it will show as unbalanced.
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Keep Escrow Deposit
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Click "Toggle Dropdown"
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Click "Keep Remaining Escrow"
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Tip!
Kept escrow account should already be defaulted to your operating/commission account. Should only need to select another if needing to go to a secondary bank account
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Select the operating/commission account you want the escrow deposit to transfer too
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Select the date you want the escrow transfer to take place. This can be independent of the close date
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Click "Keep"
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Click "OK"
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Click "View Entries"
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Verify Commissions deposit is reduced by kept escrow amount
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Click "×"
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Move escrow back to Holding
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Click "Hold Deposit"
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Click "OK"
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Should indicate back to unbalanced
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Create Escrow Payout
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Click "Toggle Dropdown"
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Click "Add Payment"
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Select who to receive the escrow payment
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Select if to generate a check or create a wire transfer
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Click "Save"
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Click "Payments"
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Alert!
Do NOT click pay out escrow until you are sure it is to get paid out. Once done the system will not let you revert back
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Clicking "Pay Out Escrow" creates the actual check or wire transfer in Accounting.
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You can edit payment amount or click delete to remove the pending payment and the escrow will revert back to 'holding'
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Click "Close"
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Confirm payout amount on this line item
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Click "View Entries"
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Confirm Commission deposit is NOT reduced by escrow money
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Click "Close"
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