Record Refunded Escrow Money in QuickBooks


Are you using QuickBooks to manage your properties, but are not sure about how to handle refunded escrow amounts? Read on!

Q: I am a landlord using QuickBooks for property management. I paid escrow to a mortgage company and now have received the escrow amounts back. How do I post escrow money received back from a mortgage company?

A: A real estate escrow refers to a portion of the mortgage payment paid towards real property taxes and hazard insurance. A mortgage company may require you to pay an escrow monthly. Add Escrow as a Current Asset account.

When receiving an escrow amount back, use the same account you originally used to pay the escrow to the mortgage company.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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