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jdgaudin
December 19, 2023
Question

Rental property escrow account

  • December 19, 2023
  • 1 reply
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Quickbooks Premier 2021 Desktop version

 

I have an escrow account for a rental property set up as "Other Asset Account."  The escrow account balance on the most recent statement I have from the mortgage company is $51.64 less than the balance shown on the escrow account in Quickbooks.  I want to make an adjustment to the Quickbooks escrow account so it matches the mortgage company statement.  To make that adjustment would that be a journal entry with the escrow account for the rental property being debited for $51.64?  And what account should be credited?  Thanks. 

1 reply

BigRedConsulting
BigRedConsulting
December 28, 2023

You can make an entry in the account register, which will end up being a Journal.

 

The account to use depends on why the balance is different. The best way to solve the issue is to look back into the history of the loan to see what caused the account balance to change and be different and then fix the QuickBooks version of the account to match that actual account balance using an appropriate account to match what happened.

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