Create and Transfer Escrow Payments

Modified on Thu, 27 May 2021 at 01:05 PM

Escrow / Collections and Payment Transfer

 

1. Set up the Mobile Home Escrow or Escrow Receivable / Post Payment

Upon receipt of the escrow payment, create a receivable on a single jurisdiction (usually County) in the current year for the amount of the payment. The easiest way to do this is to create the receivable through the QuickPayment program as the payment is posted.

Click New Payment. Fill in the pertinent account and payment data. Click the Create button.  Select the current year, specify the County, then select Mobile Home Escrow as the receivable type.  Set the Total Due. Save.

Return to the QuickPay screen and select the All Detail view. Deselect all and check only the new receivable. Apply the payment. DO NOT COMBINE THIS PAYMENT WITH ANYTHING ELSE. If the payment contains more than the escrow payment, the transfer program will not move the receivable. It will have to be manually reversed, reapplied, and then the escrow receivable must be set to 0.

This receivable will appear in Detail Collections and Disbursement reports. Since it was created on the County for the current year, that is where it will stay until it is transferred to the new year receivable.  Best Practice suggestion: Run the Reapply Escrow after the new year receivables have been set, but before the October notices have been created. This way, the payments will show on the statements.


 

3. TaxAdmin / New Year Calculations / Reapply Escrow

Run a Receivable Paid by Date Range report for the Escrow or MH Escrow list to be transferred. Please save this report. Once the payments have been transferred, they will not reflect on this report! Set the date range from 1/1/1900 To Current Date to find all unpaid receivables of this type.

 

This demo will follow account number R023772.
This account has a MH Escrow receivable for 2009, paid in the amount of $150.00.The program is making the assumption that the payment is in a closed batch. Please ensure that there are no open batches containing MH Escrow payments for the year that will be transferred. These will not be transferred correctly and the receivable created will not be adjusted to 0. 

First, open a ReApply Batch. This example will use batch number 20111005-6354

 

 

Open TaxAdmin. Click the New Year Calculations button.

Click the Reapply Escrow button.

 

Enter the Current Tax Year. If there is any question, please click the Control button in TaxAdmin to confirm.

 

Enter the Escrow Year. This is the year where the Escrow receivables reside.

Enter the ReApplyBatch number. The batch opened for this demo: 20111005-6354. Do not enter the dash.

Enter the Receipt Date. This is the date that the payments to the current year levy will be posted.

Select either Escrow or MH Escrow receivables to move.

 

Click the Reapply button. When the transfer is complete, this message pops up.

Close the application, and return to the New Year Calculations screen.

Click the Close button.

Return to the demo account, refresh and see this: the $150.00 has been reapplied to the levy for the specified year, and the escrow receivable has been reset to $0 so that no money is due on the escrow year.

The Reapply Batch has two entries for each moved escrow amount. The first is the reversal.

The second entry shows the reapply to the current tax year.

Be sure to close the ReApplyBatch, and the task is complete. Accounts that are not included in the transfer: Payments grouped with other receivables. Note: Escrow payments must be for the amount of the escrow and posted to the Escrow receivable only!

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