Escrow Opening Balance

Escrow Opening Balance

Outstanding Checks

  1. Start with Bank reconciliation  prior to Go Live
  2. Enter outstanding checks on the property record (Do Not Enter Outstanding Deposits Yet)
  3. Enter deposit equal to outstanding check on each property record
  4. Record a deposit for all deposits in step 2,  date the deposit the day before Go Live
  5. Do a bank reconciliation dated the day before Go Live which clears only the deposits in step 3

Deposits Held - Already Cleared

  1. Start with your open escrow register as of the day before Go Live
  2. Enter all cleared and reconciled deposits held prior to Go Live on each property (skip deposits on the register that have not yet cleared on a reconciliation. We will enter those in the next step
  3. Record a deposit for all deposits held
  4. Do a bank reconciliation dated the day before Go Live which clears only the deposits in step 2

Outstanding Deposits

  1. Start with Bank reconciliation  prior to Go Live
  2. Enter outstanding deposits on the property record

Check  your work

  1. Use the inquiry screen in darwin Cloud to see the total held in the Escrow bank account prior to Go Live
  2. Get your bank statement from the bank for the month prior to Go Live. Look at the ending balance on that statement. Add any outstanding deposits to the bank statement ending balance. Subtract any outstanding check from the ending balance.
  3. The result of the calculation above should equal the inquiry screen in Darwin
  4. If you run Escrow Register  report in darwin Cloud for all dates prior to Go Live the total on this report should equal the total on the open escrow register from your  prior software

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