You can easily track all transactions that are associated with receiving a Retainer, Escrow & Trust from a customer. To have the ability to Manage Retainers, Escrows & Trusts you must first select the Sales preference ‘I Use Retainers, Escrows & Trusts and I prefer to call them....’. Selecting this preference will enable you to create a list of Retainers, Ecrows & Trusts received and manage the status of each retainer.
Once you have selected from either Retainer, Escrow, or Trust, this will become the default type whenever you create a retainer, escrow or trust.
This feature will enable you to receive money to a retainer/escrow/trust, pay sales using the retainer/escrow/trust, print statements and create letters to your customers to request a replenishment of the retainer/escrow/trust.
To enable receiving and tracking a retainer/escrow/trust
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Click the Sales tab.
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Select the I Use Retainers, Escrows & Trusts option. Select what you would prefer to call them from the drop down menu.
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Go to the Lists menu and select Retainers, Escrows & Trusts. The Retainers, Escrows & Trust List window appears.
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Select the Type you are tracking.
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In the Retainer/Escrow/Trust Name field, enter the name you will use to identify the retainer and press TAB.
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In the Description field, type a description of the retainer or any notes relating to the retainer.
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Select a Linked Customer and the name of the contact person.
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In the Liability Account for Tracking Funds enter the account used to track the retainer/escrow/trust
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In the Deposit Funds into Account field, enter the account used for deposits.
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Go to the Sales command center and select Manage Retainers, Escrows & Trusts. The Retainers, Escrows & Trusts List window will appear.
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Deposit to Account. Select this option to record a Receive Retainer transaction directly into an account that is a bank or credit card account type.
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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
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The Payor, ID#, Date, Payment Method, Retainer/Escrow/Trust Memo field will be auto filled using the information provided.
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Enter the Acct#, Name, Amount, Job and Memo for each allocated account.
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Click Record.
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From the Lists menu, select Retainers, Escrows & Trusts. The Retainers, Escrows & Trusts List window appears.
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Select the retainer/escrow/trust and click Edit. The Retainer, Escrow & Trust Information window appears.
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Enter the customer from which the retainer/escrow/trust was received and all other information for the sale, then click Record. For more information on entering sales, see ‘Entering sales’.
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Click Cancel to close the sales window.
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Select Pay from Retainer/Escrow/Trust and enter the customer from which the retainer/escrow/trust was received. The name of the linked customer on the retainer/escrow/trust and the Retainer/Escrow/Trust Balance will appear.
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Enter the amount received and the amount applied to the sale.
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Click Record.
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Select Pay from Retainer/Escrow/Trust and enter the customer from which the retainer/escrow/trust was received. The name of the linked customer on the retainer/escrow/trust and the Retainer/Escrow/Trust Balance will appear.
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Enter the Amount Received.
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If you have multiple retainers/escrows/trusts for a customer you can select the one you want to use.
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In the Retainer/Escrow/Trust field, click the drop down arrow.
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Only active retainers, escrows & trusts for a linked customer will appear in the list.
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Click OK.
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Enter the Amount Applied to the sale.
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Click Record.
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