Adding and Revoking an Escrow Deposit
30 steps
2 minutes
1
Navigate to Brokerage Engine.
2
Navigate to the Commission Detail Page of the Transaction.
Add Escrow Deposit
3
Scroll down to the "Escrow Deposits" section and click the "Add Deposit" button.
4
Click on the small calendar icon to record the date of the deposit. This field will always default to today's date.
5
Click this text field to type an optional Receipt Number.
6
Select a Contact from the dropdown menu.
An additional contact person, separate from the buyers, may be added for the deposit by selecting the **“Add New Person”** button and entering the required information.
7
Type the amount in this text field.
8
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.
9
Click this text field to add optional Notes.
10
Click "Save"
11
The Escrow Details will then display and show the status of the Deposit as "Entered".
12
Click "Download PDF" to obtain a Transaction Escrow Breakdown.
13
The Transaction Escrow Breakdown will then download in a PDF format.
14
An additional deposit can be recorded by clicking on the "+Add Deposit" button.
Revoke Escrow Deposit
15
Click "Revoke Deposit"
16
The Revoke Date can be edited by using the small calendar icon.
17
Click "Save"
18
The Escrow Details will show the Deposit as Revoked.
19
Click "Download PDF" to pull a new Transaction Escrow Breakdown.
20
The Transaction Escrow Breakdown will then download in a PDF format.
Revoked Escrow Deposits do not display on the Breakdown.
21
Click "Close"
Verify Entries in the Accounting Module
22
Click the "Accounting" tab to navigate to the BE Accounting module.
23
Click the "Banking" tab.
24
Click the "Bank Register" option.
25
Select the Escrow Account from the dropdown menu.
26
The Bank Register will show the deposit and the reversal.
27
Click on the Action button to review the Escrow Deposit Journal Entry.
28
The Journal Entry will then display the recording of the Deposit.
29
Click on the Action button to review the Reversal Escrow Deposit Journal Entry.
30
The Journal Entry will then display the revoking of the Deposit.
