Tompkins Escrow Manager is an escrow bookkeeping checking account specifically designed for individuals or organizations that act as escrow agents for third parties, including:
- Real estate companies handling earnest money
- Title companies handling escrow deposits
- Property managers handling security deposits
- Brokerage companies managing real estate investment funds
- Attorneys who hold funds in trust for clients
- Funeral homes that establish burial accounts
How It Works
Escrow Manager is designed to reduce operating costs and servicing time related to escrow management by linking multiple interest bearing or non-interest bearing "client" or "tenant" accounts (called sub-accounts) to a single "master" commercial checking account. Escrow Manager does the following:
- Keeps track of funds that move in and out of your client accounts
- Generates a single, consolidated report for the entire Escrow Manager relationship
- Creates and mails 1099 tax reporting to your clients
- Reduces costs and complex accounting systems required to manage client funds
- Allows you to issue checks for easy disbursement from your master checking account
Use the Escrow Manager form for all of your Escrow Manager needs:
- Open a new sub-account
- Deposit additional funds into an existing sub-account
- Disburse funds from a sub-account to the escrow manager checking account
