The following questions arise in the daily process of escrow. ReCon Worx can offer support to those providing escrow services.
Please call (951) 699-1999 or email chris.pruitt@reconworx.com for answers to specific questions.
There may be a very small fee involved for help with some of the items listed below.
Banking and reporting activity in the trust account
- banking procedures:
- daily balancing
- monthly reconciling
- clearing reconciliation report exceptions
- understanding what the exceptions are stating
- clearing the exceptions on your trust account reconciliation report
- resolving trust account conflicts, such as:
- double payments to payees (how to retrieve the funds)
- handling deposits returned by the bank
- checks paid by bank but previously adjusted on the computer
- differences between computer and bank check or receipt amounts
- unauthorized wires out of the trust account
- correcting bank charges on the trust account
- preventing conflicts with the trust account, such as:
- overdrawing the trust account
- title company wires sent to wrong accounts
- savings account problems (at bank and on the computer)
- transferring to a new bank:
- procedures required by government
- calculating how much to leave in the old account
- instructing title companies on wiring to new bank accounts
- using the internet to complete required paperwork
- important dates to remember each year
- manual reporting requirements (no computer used)
- tracking each escheated amount
- filing tips for future references
- Is help available?
- who has to file?
- Important dates to remember each year
- Filing requirements
- Is help available?