Escrow Reconciliation Services by Recon Worx

Services

Escheating funds to the state

Between July 1st and October 30th each year we can assist you with escheating all unspent funds to the state that qualify. We will help you:

identify all trust funds needing to be escheated
make a record that identifies amounts and escrow files involved
use the internet or paper forms to complete the escheatment process
provide you with instructions and support phone numbers for future escheating
show you ways to eliminate escheating in the future.

Fee for this service is $75 per each hour spent in your office, maximum $450.

Field Support

We will send two experienced field reps to your office to assist you with:

clearing exceptions on the latest trust account reconciliation report
working with private or state auditors to pass and complete required audits

research each exception listed on the trust account reconciliation, pulling copies of source documents from escrow files and bank statements to determine exactly what caused the exception
determine the correct procedure needed to permanently clear each exception
create copies of documents for each exception for you to keep
help you make the correct computer or bank adjustments to clear each exception
explain how to clear each exception to the satisfaction of all parties (escrow, auditors, etc.)

Fee for this service is $150 per each hour spent in your office, with no minimum or maximum.

Bank procedure training and trust account education

We will train as many of your personnel as desired on the state-required daily and monthly procedures for reporting the activity in your trust accounts. This training includes:

correctly using a manual daily control balance report
comparing the daily manual report to the daily computer report
techniques for preventing errors in daily accounting
familiarization with all government-required forms for daily balancing
understanding the importance of the trust account to the escrow company and government auditors
question and answer periods after each session

Training is available in your office or at a nearby offsite location. Training is available for individuals as well as groups.

Fee for this service is $65 per hour (for one individual) or $55 per student with groups of three or more.

Classes run typically three hours with a 15 minute mid-course break.

Behind on trust account reconciliations? No matter how far behind you have fallen in having the trust account reconciled, ReCon Works can get your account reconciled and brought up-to-date. What is needed:

the last known account reconciliation report complete with exceptions and outstanding checklist
daily or monthly computer trust accounting reports:

check activity
receipt activity
wire activity (incoming and outgoing)
fees activity
control summary report
trial balance report
savings account activity
bank statements

Cannot access past computer reports? Recon Works can work with your source documents copies (check and receipt copies, adjustments and wire paperwork) to prepare monthly computer reports and reconciliations that will pass government audits.

Fee for this service would be determined during the initial visit to the escrow office.

Preparing for an audit

Whether you’re preparing for an internal or a government audit, ReCon Worx will help you prepare by sending a qualified field rep to your office to help with organizing your trust accounting information by:

organizing all needed audit material for quick delivery to auditor
accounting for each check, receipt, wire, fee, and adjustment during the audit period
compiling required audit reports and answers to pre-audit questions
collecting all trust account reconciliation reports and verifying all exceptions have been corrected
Instructing key escrow personnel on how to work with the auditor during and after audit periods

Fee for this service is $125 per each hour spent in your office.