Sales > Manage Retainers, Escrows & Trusts
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.
To enable receiving and tracking a retainer/escrow/trust
1
Go to the Setup menu and choose Preferences.
2
Click the Sales tab.
3
Select the I Use Retainers, Escrows & Trusts option. Select what you would prefer to call them from the drop down menu.
To create a Retainer, Escrow & Trust
1
Go to the Lists menu and select Retainers, Escrows & Trusts. The Retainers, Escrows & Trust List window appears.
2
Click New. The Retainer, Escrow & Trust Information window appears.
3
Select the Type you are tracking.
4
In the Retainer/Escrow/Trust Name field, enter the name you will use to identify the retainer and press TAB.
5
In the Description field, type a description of the retainer or any notes relating to the retainer.
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 retainer/escrow/trust
8
In the Deposit Funds into Account field, enter the account used for deposits.
To Receive a Retainer/Escrow/Trust
1
Go to the Sales command centre and select Manage Retainers, Escrows & Trusts. The Retainers, Escrows & Trusts List window will appear.
3
Click Receive Retainer/Escrow/Trust. The Receive Retainer/Escrow/Trust window appears.
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.
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.
To Spend Retainer/Escrow/Trust
1
From the Lists menu, select Retainers, Escrows & Trusts. The Retainers, Escrows & Trusts List window appears.
2
Select the retainer/escrow/trust and click Edit. The Retainer, Escrow & Trust Information window appears.
3
Click Spend Retainer/Escrow/Trust. The Spend Retainer/Escrow/Trust window appears.
To use a Retainer/Escrow/Trust
1
Go to the Sales command centre and select Enter Sales. The Sales - New window appears.
3
Click Cancel to close the sales window.
4
Click Receive Payments from the Sales command centre. The Receive Payments window appears.
5
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.
6
Enter the amount received and the amount applied to the sale.
7
Click Record.
To use multiple Retainers/Escrows/Trusts
1
Select Receive Payments from the Sales command centre. The Receive Payments window appears.
2
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.
3
Enter the Amount Received.
a
Click Details. The Applied Payment Details window appears.
b
In the Retainer/Escrow/Trust field, click the drop down arrow.
e
Click OK.
5
Enter the Amount Applied to the sale.
6
Click Record.

More help options

Top of page