Escrow Common Business Tasks

To establish an Escrow ID:

  1. Open the Escrow Definition page.

  2. Use the Create action.

  3. Enter the following information on the new record:

    1. Department, Escrow ID

    2. Escrow Name

    3. Escrow Short Name

    4. Escrow Agent

  4. Optionally enter information in the Escrow Description, Escrow Extended Description, and Escrow Type fields.

  5. Optionally enter information in the Escrow BSA field and, if used, Escrow SBSA field with a code or codes that uniquely identify that instance of escrow so that the Escrow Balance link will work. If using the same code or codes for all escrow activity, the field(s) can still be entered to transition to the account with a total for all escrows.

  6. Optionally attach any documentation for the escrow event by clicking the Attachments action.

  7. Use the Save & Close action.

To request disbursement of Escrow to Escrow Agent

While this task could start with the creation of a blank PRC or GAX transaction where you would have to enter information matching your Escrow record, it will instead proceed in a manner that will pre-populate that information for you.

  1. Open the Escrow Definition page.

  2. Filter for the Escrow ID and choose the Edit action

  3. Use the Create action and enter information to create your GAX

  4. On the Header tab, enter the following:

    1. Bank: (use pick to search for and select desired value)

    2. Vendor Invoice Number, Line & Date: Assuming such information is required for all payments and will not default – enter values from the invoice sent by the vendor.

  5. Navigate to the Vendor tab, insert a new line and enter the following:

    1. Vendor/Customer: (use pick to search for and select one defined for Escrow ID)

    2. Address Code: Assume there is a defaulting Payment address if not or there are multiple, use the pick to locate and select one.

  6. Navigate to the Accounting tab, insert a new line and enter the following:

    1. Event Type: AP18

    2. Line Amount: $1000.00

    3. COA: Enter the correct balance sheet, and possibly sub balance sheet, in the BSA and SBSA fields. Other than completing the Fund field, there are no other required fields unless configured as such for your site.

  7. Validate the transaction.

  8. If errors exist, fix the errors and repeat Step 7. If no errors exist, then continue with Step 9

  9. Submit the transaction.

To record a disbursement of Escrow by the Escrow Agent

This task is very similar to the prior task with only two differences:

  1. Event Type: GA23

  2. COA: Enter the correct balance sheet, and possibly sub balance sheet, in the OBSA and SOBSA fields. Also, enter chart of accounts that match an existing budget line plus any others required for reporting reasons.