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scherwinco
February 7, 2024
Question

Setting up quickbooks for a real estate lawyer

  • February 7, 2024
  • 1 reply
  • 0 views

Hi,

I am trying to set up a solution for a real estate lawyer who represents both buyers and sellers. By law, he has to keep a running total of all the money in an escrow account. He would like when he adds journal entries to his clients, that it should also update the escrow account running balance. The escrow will contain transactions from all the clients coming in and out.

 

Please help me understand how to set this up?

1 reply

S
scherwincoAuthor
February 8, 2024

Would really need to know how to set up the escrow account.

G
GlinetteC
February 8, 2024

I appreciate your query regarding setting up an Escrow account in Quickbooks Online, scherwinco.

 

You can set this up as a liability or asset account, depending on how you want to post your records. Before proceeding, I would suggest consulting with your accountant so that they can guide you and advise you on the best type for your firm. 

 

I am sharing this link that provides information on setting up and adding accounts to the Chart of accounts: Add an account to your chart of accounts in QuickBooks Online.

 

If you have other questions aside from setting up escrow, don't hesitate to add them below. The Community is here to assist.

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