The Brokermint system automates Earnest Money deposit tracking and provides a simple report showing your current Escrow account balance. With Brokermint it’s very simple to figure out if your Escrow account matches the actual balance.
This is how it works:
Once a transaction has been switched to the “Escrow” (Pending Sale) status the system asks user to enter the following information:
- Monies received from
- Amount received
- Date received
When the status is changed to “Closed” the system requires user to enter
- Date deposited
- Date released
- Amount released
In order to see the current Escrow account balance, navigate to Reports and select the Escrow Funds report. The report shows all active “Escrow” transactions including Amount received, Date Received, Date Deposited, Date Released and Amount released.
The very last column displays the current Escrow Account balance which allows to reconcile your transactions vs your actual Escrow account.