Escrow Payments – Transaction Entry

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This document outlines the process for managing escrow transactions within the Flex system, specifically when the Escrow Payments Maintenance module is not utilized. All transactions related to escrow, such as tax or insurance payments, are processed via the Transaction Entry/Inquiry function.

1. Overview of Escrow Transaction Entry

When performing an escrow-related transaction through Transaction Entry/Inquiry, the system will prompt the user to select an appropriate escrow code. These codes are crucial for:

  • Accurate calculation of escrow payments.
  • Correct generation and printing of escrow statements.

For details on configuring and adding new escrow codes, please refer to the Escrow Configuration documentation.

2. Escrow Codes

The following table lists the standard escrow codes available for selection during transaction entry, along with their descriptions and transaction types (Deposit [D] or Withdrawal [W]):

Escrow Code Type Description
D [D] ESCROW CREDIT
V [D] DIVIDEND
X [W] WITHDRAWAL CORRECTION
Y [D] DEPOSIT CORRECTION
1 [W] PROPERTY INSURANCE
2 [W] PROPERTY TAXES – STATE
3 [W] PROPERTY TAXES – COUNTY
4 [W] PROPERTY TAXES – CITY

2.1. Understanding Escrow Code Types

  • [D] (Deposit): Indicates a transaction that increases the escrow balance (e.g., credits, dividends, deposit corrections).
  • [W] (Withdrawal): Indicates a transaction that decreases the escrow balance (e.g., payments for insurance, taxes, withdrawal corrections).

3. Workflow for Entering Escrow Transactions

To enter an escrow payment or related transaction:

  1. Navigate to the Transaction Entry/Inquiry module within the Flex system.
  2. Initiate the transaction for the relevant account.
  3. When prompted, select the appropriate Escrow Code from the dropdown list that corresponds to the nature of the transaction (e.g., 1 for Property Insurance, 2 for Property Taxes – State).
  4. Complete the remaining fields required for the transaction entry.
  5. Confirm and process the transaction.

4. Important Considerations

  • Accuracy: Selecting the correct escrow code is vital for accurate financial reporting and statement generation.
  • Configuration: If a required escrow code is not available, it must be added through the Escrow Configuration module by an authorized user.
  • Alternative Module: This process is specifically for scenarios where Escrow Payments Maintenance is not being used. If that module is active, different procedures may apply.