Q. For our Escrow account, we have checks that are entered as both debit and credit. Our totals are off by the amount of the checks that have been entered as both. These entries have all of the exact same information except on one line it is a debit and the other line it is a credit. How do we fix this?
A. If you see in the Escrow cash account the same check listed with both a debit and a credit against Escrow Cash, then that means the check was miscoded against cash, which wipes it out to $0 net effect. Since Escrow checks are always offset to Escrow Payable, and those accounts are Balance Sheet accounts, it is safe to do the following. Unlock the month in question under Setup, then Preferences, then Security. Go to Transaction Journal - Disbursements and click on the white arrow to open the check. Change the check coding (in the bottom area) to 2-2140 rather than 1-0400. Relock the month. If this is the only difference between Escrow and Escrow Payable, this will correct the issue.