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How To Show Draws From Maintenance Escrow?

In my expenses I have set up my Maintenance Escrow as Retained Earnings. On my settlement for 2/8/2013 I entered all information EXCEPT for a draw from my escrow. The settlement still balanced. There was a deposit of $129.60 that was entered and a draw of $142.52 that was NOT entered but yet the settlement balanced. I tried entering (-$142.52) in the escrow but that did not work. How do I enter draws from my Maintenance Escrow so the settlement will balance?

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2 Answers

Gregory,

Normally when the company pulls money from the escrow and puts that towards your settlement you'll record it as a reimbursement for the credit and then as a deduction you'll add the expense.

IF your company did not add to your settlement then you may want to ask them where that money is showing up at since it needs to.

I hope that helps.

Aaron

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Aaron, I understand what you're saying and it did balance by doing as you suggested. However, I am trying to enter it so that my Maintenance Escrow stays balanced also. If I don't show any withdrawals from that account the escrow account will only show my deposits.

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Gregory, The great thing about your settlements is that it will always have the total for you of your escrow account. ProfitGauges will not help you keep that balanced since it and other accounts may be linked to the same category of RETAINED EARNINGS. I hope that makes sense. As long as your categories are correctly linked and your settlements are balancing out then you are on the right track.

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Many thanks Aaron! I believe I have entered everything correctly.

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So my maintenance account and fuel account should be under retained earnings.

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Gregory Ferrell will be eternally grateful.
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