Journal and Ledger Entry
Journal and Ledger Entry
Elite Software's Escrow Compliance Accounting Software makes it easy to add transactions for any purpose. Whether the transaction is to record deposits or withdrawals, the software gives the user the option to choose one contract or choose one from multiple contracts. You can make multiple entries to cover one deposit that has more than one purpose. The software will keep track of all monies in the contracts, and the amounts are always listed with the total deposit amount, less the withdrawal amount with a balance for each contract. This way, the user is aware of the running balance for each contract and will make them aware if they're putting the contract into a negative balance.
When making an escrow deposit, whether for holding money for a real estate purchase, security deposit, rent, escrow funds, client’s retainer or client funds, and creating the property cards and contracts to assign and keep track of all those funds can be a difficult task. With Elite Software, the add-journal-entry deposit becomes a straightforward task creating the property cards for all the associated people and contracts, so all the funds are journaled appropriately all at one time.
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- Add Escrow and Broker Transactions
Specify if the transaction is an escrow-type entry or broker-type entry to keep these transactions organized separately.
- Enter One or Multiple Journal Entries For Transactions
Divide the funds of deposit or withdrawal transactions into multiple journal entries for a different chart of accounts.
- Assign Owners, Properties, and Contracts to Each Transaction
Select from a list of owner cards, property cards, and contracts created and associated with each transaction entry.
- Categorize Transactions by Selecting from your Customized List of Chart of Accounts
Add a customized list of Chart of Accounts (COA) tailored to your business. Select the appropriate chart of accounts for each transaction created.
- Add Brief Descriptions to Identify your Transactions Easily
Briefly describe each transaction with details like what the transaction is for, which property it relates to, and other relevant information to help you identify the transaction.
- View, Filter, and Search for Journal Transactions Organized in a List View
View all escrow and broker transactions in one organized list. You can filter by data columns or search those transactions by specific keywords, transaction amounts, dates, property addresses, and other criteria.
- Add and View Vendor Transactions
Add transactions specific to the vendors, such as property maintenance expenses, utilities, taxes, and other vendor payouts. View all vendor transactions in an organized list view with the options to sort and filter data or search for a specific vendor transaction by a keyword or criteria.
- Browse Escrow Transactions Listed on the Escrow Ledger
Scan through all escrow transactions, including earnest money, security deposits, rent, management fees, reservation fees, property closing and settlement funds, client retainer fees, taxes and insurance funds, and other escrow business transactions on the escrow ledger.
- View Broker Transactions Shown on the Broker Ledger
View all broker transactions like bank service charges, wire transfers, fees, and other broker funds organized on the broker ledger.