Escrow Accounting WORKBOOK

Transcription

1 Escrow Accounting WORKBOOK

2 DoubleTime Escrow Accounting Workbook Copyright All rights reserved. DB Version 6.0 Unless otherwise noted, the companies, names, and other data used in the examples are fictitious. No part of the document may be reproduced, in any form, without written consent from The Fund. THE FUND and DoubleTime are trademarks of Attorneys Title Insurance Fund, Inc. Windows and Microsoft are registered trademarks of Microsoft Corporation. Attorneys Title Insurance Fund, Inc. P.O. Box Orlando, FL Help Desk:

3 Contents Contents Contents... i Introduction... 1 DoubleTime Escrow Accounting Overview...1 About this Workbook...1 About the Examples Being Used...2 Conventions...2 Windows Terms...3 Shortcut...5 Finding help...5 General Information...7 Starting DoubleTime...9 Escrow Accounting Concept...11 Objective...11 Escrow Accounting...12 Establishing a New Escrow Account...13 Associating an Escrow Account to a Closing File...15 Customizing Check and Deposit Slip Templates...16 The Balance Sheet...20 Posting Figures from the Balance Sheet to Escrow Accounting...22 Escrow Transaction Management Concept...25 Objective...25 Bank Account Selection...26 Escrow Accounting Work Area - Search Criteria / Default Order...27 Escrow Accounting Transaction Management Module - Buttons...28 Try This - Switch Active Closing File...29 The Actions Menu...30 Managing Deposits...31 Deposit To Bank...31 Managing Deposits from the Actions menu...32 Posting Additional Deposits to the Escrow Accounting Module...33 Edit or Void Deposit...35 Merge Deposits...37 Allocate Deposits...39 Generate Deposit Slip...42 Generating and Printing a Deposit Slip...42 Using a Traditional Paper Deposit Slip...44 Reprinting a Deposit Slip...45 Page i DoubleTime Escrow Accounting Workbook Rev. Date:

4 DoubleTime Escrow Accounting Workbook Managing Disbursements Managing Disbursements from the Actions menu Post Disbursement Edit Disbursement Printing Disbursement Checks Printing Individual Checks Combining Disbursements into a Single Check Closing File Funds Transfer Maintenance (Lists) - Escrow Transfer Reason Escrow Accounting - Reconciliation...57 Concept Objective Reconciling Your Monthly Bank Statement Unreconcile Account epayment Confirmation Print Process Administration...65 Concept Objective Print Process Administration Preferences...69 Concept Objective Office Settings User Settings Reports...75 Concept Objective Escrow Accounting Reports File Ledger Report Reconciliation Package Report Security Administration...83 Concept Objective Security Administration Passwords Frequently Asked Questions (FAQs) Page ii Rev. Date: DoubleTime Escrow Accounting Workbook

5 Introduction DoubleTime Escrow Accounting Overview The Escrow Accounting module is a complete accounting package built within DoubleTime 6.0. It allows you to post, manage, and track all the transactions within escrow accounts. With DoubleTime 6.0, you have access to the following features: Post all transactions to your Escrow account. Print deposit slips and checks from your Escrow account. Void any deposits/disbursements that have cancelled. Transfer funds from one file to another for certain real estate closing practices. A thorough report writing module that allows you to balance with a certain closing file or with your monthly bank statement. Security Administration that allows you to create user rights within the Escrow Accounting module. By utilizing this vital piece within the DoubleTime application, you now have a one stop location for the complete life cycle of any real estate transaction. From initial file setup, to the actual closing, to cutting checks and reconciling with accounts, DoubleTime handles all your needs. Note: The Help Desk may be reached at from 8:00 AM to 6:30 PM, Monday through Friday. You may also the Help Desk at helpdesk@thefund.com. About this Workbook This student workbook is designed for individuals with: Real estate closing knowledge and experience, DoubleTime knowledge and experience (completion of DoubleTime 6.0 training is recommended), and Basic knowledge of Windows. Each lesson has three sections: Concept The concept explains the purpose of the module and its relationship to escrow accounting and the closing. Objective The objective for each lesson is the particular task or set of tasks you will learn. Lesson Lessons are step-by-step instructions designed to walk you through the necessary steps to complete the tasks. Since Escrow Accounting touches live bank accounts, it is not always possible to illustrate all required steps in the lesson in a hands-on manner. In these instances, the steps are outlined and discussed, but not executed as part of the lesson. Page 1 DoubleTime Escrow Accounting Workbook Rev. Date:

6 DoubleTime Escrow Accounting Workbook About the Examples Being Used For the lessons in this workbook, the scenario is: You are an employee for the law firm of Richard P. Bruce, Esq. You will be working with two files: EADemo and 2EADemo. With these two files, you will do the following: Set up a new escrow account in DoubleTime Post figures to the Escrow Accounting module Generate deposit slips for incoming transactions Print checks from the Escrow Accounting module Combine Deposits and Disbursements that are from/for like Payors/Payees Transfer funds from one closing file to another Show how to reconcile and unreconcile your bank statement Customize your check and deposit slip templates In this workbook, you are provided with the information you need to complete these tasks. Conventions The following conventions are used in this workbook. Convention Bold characters Choose Click Key names Select Meaning Text that identifies part of a DoubleTime window is represented by a different font in bold. Text that you are instructed to type is represented by the Times New Roman font in bold. Pick an item (button or a menu item) to initiate an action. Windows supports more than one method to accomplish an action. For example, you could click a specific button and press ENTER. Choose is used when the method is not important for the discussion. Use the mouse to position the pointer over a button in a dialog box, then press and release the left mouse button. For example, click OK means position the pointer over the OK button, then press and release the left mouse button. The names of keys with special functions that you press on the keyboard are in all capital letters. Example: Use the TAB key to move to Date and type 3/22/08. Pick one or more items for processing. Example: Select the name(s) from the list. Page 2 Rev. Date: DoubleTime Escrow Accounting Workbook

7 Introduction Windows Terms The following figure shows a typical DoubleTime window with the terms used in this guide. Title bar Menu bar MainToolbar Secondary Toolbar Tabs Boxes Option Buttons Check Boxes Status Bar Term Title bar Menu bar Main Toolbar Function Displays the DoubleTime name and the name of the active closing file. Displays the DoubleTime menu. Click a command to use it. Or use the keyboard with the underlined letter in the command name. To use an underlined letter: 1. Press and hold the ALT key on your keyboard. 2. Press and release the underlined letter. 3. Release the ALT key. Displays buttons used to start DoubleTime modules. Click the button to start a module. Or use the Modules menu on the menu bar. Continued Page 3 DoubleTime Escrow Accounting Workbook Rev. Date:

8 DoubleTime Escrow Accounting Workbook Term Secondary Toolbar Function A secondary toolbar is also displayed for each of the DoubleTime modules. Each button performs a unique task. Click the button to complete a task. For a complete list and description of all the DoubleTime buttons, refer to Toolbars in the DoubleTime Workbook. Tabs Many of the windows are divided into tabs. Tabs, like the folder tabs used in a filing system, group similar functions. Each tab opens a new window. Click a tab to display the window. Boxes Boxes are areas where you can select or type information. Only boxes with a white background can be changed. Information that is displayed in gray boxes cannot be changed in the active module. Example 1: To enter text into this box, click the box and type the information. In this example, you would type the last name in the box. Example 2: To enter text into this box, click the box and select information from a list. Option buttons Use an option button to select a single item from a group of mutually exclusive items. To select an option, click the circle next to it. A black dot appears in the circle. Any previously selected option is cleared. Example: In this example, Female is selected from the Gender options. Check boxes Use a check box to select one or more items in a group. To select an item, click the box next to it. A check mark is displayed in the box. To clear a check box, click it again. Status bar The Status bar displays information about the program. For example, as you move the pointer over the buttons, a description of the button is displayed on the Status bar. Page 4 Rev. Date: DoubleTime Escrow Accounting Workbook

9 Introduction Shortcut A useful shortcut to remember while working in DoubleTime is to press ALT + TAB to switch between DoubleTime and another open Windows application on your desktop. Finding help DoubleTime online help is available for each module. The online help provides detailed howto information for working in DoubleTime, arranged in groupings of related topics. It contains step-by-step procedures and tips for how to use DoubleTime. Online help There are two ways to access online help, click the Help button or click the Help from the Main Menu, then select Help Index. The Help window is displayed. The Type in the keyword to find: box allows you to search through the Help Index when you know the name of a specific topic. Type a keyword or phrase in the box Click the Display button, the Topics Found window is displayed showing topics containing the keyword or phrase searched. Page 5 DoubleTime Escrow Accounting Workbook Rev. Date:

10 DoubleTime Escrow Accounting Workbook Select a topic and click Display, the information will be displayed on the right side of the Help window. information. You may click the Print button to print the displayed Help To search another topic, type another key word in the Type in the keyword to find: box. Page 6 Rev. Date: DoubleTime Escrow Accounting Workbook

11 Introduction General Information Internet Access. High-speed or broadband Internet connectivity (via DSL, ISDN, Frame Relay, T1 line, Cable, etc.) is highly recommended for use with DoubleTime s esolutions features, particularly ATIDS integration. Supported Versions of Windows. DoubleTime requires Windows XP Professional, SP2 32-bit, Microsoft Windows Vista 32-bit, or Microsoft Windows 7 32-bit. For Windows upgrade assistance, please contact your network administrator or computer professional. Required Versions of Internet Explorer. For best results when accessing The Fund s website, your version of Internet Explorer must be 6.0, 7.0, or Netscape Navigator 7.0. To check your I.E. version, select Help from the main menu bar, and select About Internet Explorer. If you need to update your version, please visit Microsoft s site ( where you can download an update. For update assistance with Internet Explorer, please contact your network administrator or computer professional. Additional Assistance. From the Help menu on the main menu bar of the DoubleTime application you have access to many different tools that can further assist you with any problems that may arise when working in the application. These tools include: Workbooks (Downloadable PDF copies of the most current version of this Training Workbook and Escrow Accounting workbook are available. Note: Having the workbooks downloaded to your computer enables you to search for answers to questions using Adobe s search tool.) Release Notes (The Release Notes provide you a list of the changes that have occurred with the current version of DoubleTime that you have installed. These release notes may provide you with quicker and easier ways to complete tasks as well as enhancements that are made to the application.) Tutorials (The online tutorials are designed to better assist you when working through a file in DoubleTime. FundNet FundNet is your source for Fund products and services. The Product Support section can be accessed for technical support, product updates, and the latest news for select Fund products. Page 7 DoubleTime Escrow Accounting Workbook Rev. Date:

12 DoubleTime Escrow Accounting Workbook To use the esolutions for Fund Forms features within DoubleTime, Electronic Delivery and Electronic Serial Numbers, the office administrator must grant each individual user the appropriate rights. Your office administrator controls access rights to esolutions features for your office staff by logging into the admin page of the FundNet web site. ( Note: To The Fund with questions or suggestions on DoubleTime, click the e- mail link just below Welcome to the DoubleTime Customer Support Page, or click Ask a Support Question via link in the left navigation bar. Page 8 Rev. Date: DoubleTime Escrow Accounting Workbook

13 Introduction Starting DoubleTime From the Start menu, click Programs, then DoubleTime. Or, if you have a shortcut on your desktop, double-click the icon. Page 9 DoubleTime Escrow Accounting Workbook Rev. Date:

14 DoubleTime Escrow Accounting Workbook Page 10 Rev. Date: DoubleTime Escrow Accounting Workbook

15 Escrow Accounting Escrow Accounting Concept Escrow Accounting allows you to post figures as well as print checks and deposit slips for closings. Various reports can be generated and used to reconcile your monthly bank statements. You can also customize check or deposit slip templates to match the type of checks or deposit slips used in your office. Objective The objective of this lesson is to introduce you to the Escrow Accounting module. You will learn how to post to the account, and print checks and deposit slips. You will also learn how to void or combine disbursements or deposits. You will learn about the various types of reports available to help balance your Escrow Account, and how to customize check and deposit slip templates to match the types used in your office. Page 11 DoubleTime Escrow Accounting Workbook Rev. Date:

16 DoubleTime Escrow Accounting Workbook Escrow Accounting The Escrow Accounting feature allows you to manage your escrow/trust accounts. You can use the Escrow Accounting feature for the following tasks: Posting The ability to post transactions from the Balance Sheet to Escrow Accounting. Check Writing The ability to print checks using standard or customized check templates. Reconciliation The ability to reconcile your escrow/trust account with your bank statement. Reports The ability to generate numerous reports to assist with reconciling to your escrow/trust account. You can begin using this feature from either the Balance Sheet module or by clicking the button on the main toolbar. Before you can use the Escrow Accounting feature, you must establish a new Escrow account that has a zero balance. Then you must insert the account in the Account Maintenance window in DoubleTime. Page 12 Rev. Date: DoubleTime Escrow Accounting Workbook

17 Escrow Accounting Establishing a New Escrow Account To use the Escrow Accounting module, you must start with an escrow or trust bank account that has a zero balance. You may be required to make a minimum deposit upon opening your new account. You would need to add this deposit in the Escrow Accounting module. Detailed steps are provided later in this manual. Then you must establish the account in the Account Maintenance window of the Preferences module, by entering your new Escrow Account number and selecting your company as the Closing Agent. In this lesson you will establish a new Escrow Account in DoubleTime that will be used for the EADemo and 2EADemo closing files. 1. On the menu bar, click Preferences > Account Maintenance. The Accounting Maintenance window is displayed. 2. Click the Insert button on the toolbar to add the new Escrow Account, 3. In the Account No. box, type Tab to the Account Description box and type New Escrow Account. A new row is displayed. Note: Account description can be updated at any time (i.e. Wachovia to Wells Fargo Bank) Page 13 DoubleTime Escrow Accounting Workbook Rev. Date:

18 DoubleTime Escrow Accounting Workbook 5. Tab to the ABA Routing No. box and type Select Richard P. Bruce, Esq. from the Closing Agent drop-down list. 7. Select the epayment default check box if you will always be sending your remittance to The Fund electronically from this account. 8. Click the Inactive check box for Great American Bank. 9. Click Save. 10. On the secondary You must supply the ABA Routing No. if you plan to send electronic payments to The Fund. Before you select the Closing Agent, ensure you only have one occurrence of the specific Closing Agent in the Contacts module. Note: If you select this check box, electronic payments to The Fund will be automatically paid from this account. If you select the Inactive check box, you will not be able to make any electronic remittance payments to The Fund. Note: Selecting the Inactive button for an escrow account will deactivate the account and it will no longer be available. You may reactivate an escrow account at any time. The Accounting Maintenance window is closed. toolbar, click the Close button to exit Account Maintenance. Page 14 Rev. Date: DoubleTime Escrow Accounting Workbook

19 Escrow Accounting Associating an Escrow Account to a Closing File Once your Escrow Account has been established, you can link the account to one or more closing files in DoubleTime. All Escrow Accounting transactions will use the specified Escrow Account for the closing file. In this lesson you will link the new Escrow Account to both the EADemo and 2EADemo closing files. 1. On the main toolbar click the Open Closing File button. 2. In the Account Number field, select as the account number. 3. Click the Close button on the secondary toolbar 4. Click Yes to save your changes. The Closing File window is closed. All Escrow Accounting transactions for EADemo will use the Escrow Account On the main toolbar click the Switch Closing File button. 6. In the Closing File Selection window type 2E then click Browse select the 2EADemo file, and click OK. 7. Repeat steps 1 4 above to link the Escrow Account to the 2EADemo closing file. 8. On the main toolbar click the Switch Closing File button. 9. In the Closing File Selection window type EA then click Browse select the EADemo file, and click OK. EADemo is now the active closing file for the next lesson. Page 15 DoubleTime Escrow Accounting Workbook Rev. Date:

20 DoubleTime Escrow Accounting Workbook Customizing Check and Deposit Slip Templates You can use a standard check or deposit slip template as a starting point to create a customized check or deposit slip. DoubleTime Escrow Accounting provides the functionality to track and print checks and deposit slips. Standard check and deposit slip templates are provided. The templates can be customized to ensure the printed text is aligned properly on your print stock. Customization of check and deposit slip templates is limited to the alignment of text on the predefined templates, and font and date format changes. For example, there are 3 check templates provided. They are: Check/voucher/voucher Voucher/check/voucher Voucher/voucher/check You can use the template customization to align the text to your printed stock. But, you cannot change the format of the template. You cannot change the template to print three checks on one page with no voucher. The voucher provides valuable information and cannot be excluded. For example, if you combine multiple disbursements to a single payee you will be able to print a single check, but the voucher will detail the combined disbursements. In this lesson your instructor will demonstrate template customization. You will not execute the steps as part of the lesson. But, you should perform these steps as part of your Escrow Accounting setup to ensure your checks and deposit slips will print correctly. 1. From the menu bar, click Modules > Escrow Accounting > Check/ Deposit Slip Customization. The Escrow Template Customization Selection window is displayed. Page 16 Rev. Date: DoubleTime Escrow Accounting Workbook

21 Escrow Accounting 2. Select a template to use as a starting point and click OK. 3. Enter a Custom Template Name and click OK. The Save As New Master window is displayed. Note: Your source template must be of the same classification as the custom template. For example, a standard deposit slip should be used as the source template when creating a custom deposit slip. The Escrow Template Customization window is displayed. 4. Select the date field, click, hold and drag to the appropriate section of the check template. You may move any field on the template to best fit the format of your check stock. You may also move your fields by changing the value in the X Pos and Y Pos fields. The X Pos indicates how many characters from the left margin. TheY Pos indicates how many characters from the top margin. This feature is useful for minor adjustments. Note: -- CAUTION! -- Moving fields too far to the right may create a second page. 5. In the Date Format field select MARCH 7, Click the Font button on the secondary toolbar. There are four available selections in the Date Format. field. Microsoft standard Font window is displayed. Note: You may select the preferred Font style and size. Page 17 DoubleTime Escrow Accounting Workbook Rev. Date:

22 DoubleTime Escrow Accounting Workbook 7. Select Size 12, and click OK. 8. Place cursor on the corner of the date field until you see a double arrow. Click, hold and drag to re-size field. This feature works with any field in the Check Template Customization work area. You may also re-size your fields by changing the amounts listed in the Length and Height Size field. 9. Select Check Payee info field. 10. On the Adjust Fields deselect Visible field. Fields may not be deleted; however, you may hide them. Deselecting the Visible Field will hide the selected field. Note: All customization must be completed one field at a time. 11. Click the Save button on the secondary toolbar. 12. Click the Print Preview button on the secondary toolbar. Changes to the template are saved. The new template will be available for printing. It is best to test your new template to ensure that it lines up properly with your check stock. The Check Template Customization window is displayed. All fields are displayed as if they were filled to maximum capacity. Page 18 Rev. Date: DoubleTime Escrow Accounting Workbook

23 Escrow Accounting 13. Click the Print button on the secondary toolbar. Validate that all text is aligned with your printed stock. You can print to a blank piece of paper and compare it to your printed stock. Note: Please ensure that your check template prints properly, not carrying over to a second page. 14. Click the Print Preview button on the secondary toolbar. 15. Click the Refresh button on the secondary toolbar. The Check Template Customization window is displayed. The Check Template Customization window is displayed with the field names from the last saved version of your template. 16. Click the Close button on the secondary toolbar. 17. Click Yes. The changes are saved. The Escrow Template Customization window is closed. Page 19 DoubleTime Escrow Accounting Workbook Rev. Date:

24 DoubleTime Escrow Accounting Workbook The Balance Sheet The Balance Sheet module is a summary of the information in the Closing Statements module. It will generally be the starting point from which you use the DoubleTime Escrow Accounting module. In this lesson you will combine and post Deposits and Disbursement information from the Balance Sheet to the Escrow Accounting module. 1. On the menu bar, click Modules > Balance Sheet, OR The Balance Sheet window is displayed. Click the Balance Sheet button from the main toolbar. Page 20 Rev. Date: DoubleTime Escrow Accounting Workbook

25 Escrow Accounting 2. Select the check boxes next to the following lines in preparation to combine all disbursements to Bank of Florida. 803 Your Adjusted Origination Charges. 901 Daily Interest Charges Initial Deposit For Your Escrow Account. 3. Click the Combine button on the secondary toolbar. 4. Repeat this process for all disbursements to Richard P. Bruce, Esq Repeat this process for disbursements to Orange County Comptroller Combined Recording Fees. This will combine the disbursements. Page 21 DoubleTime Escrow Accounting Workbook Rev. Date:

26 DoubleTime Escrow Accounting Workbook Posting Figures from the Balance Sheet to Escrow Accounting In this lesson you will post and print from the Balance Sheet to Escrow Accounting for the EADemo closing file. You will post only for the 2EADemo closing file. 1. Click the Post button on the secondary toolbar. The Escrow Accounting Post and Print window is displayed. By default, all unposted deposits and disbursements are checked. 2. Select Wire In in the Post Activity column for the deposit from Bank of Florida. 3. Select Wire Out in the Post Activity column for the disbursement to First Eastern Bank. The Post Activity field in the Deposit section provides the following options, Deposit, Deposit to Bank, Deposit (Cash), and Wire In. Make sure to select the appropriate Post Activity option. The Post Activity field in the Disbursement section provides the following options, Post and Print, Post Only, epayment, and Wire Out. Make sure to select the appropriate Post Activity option. Note: Post Only allows you to post disbursements to your escrow account. Post and Print allows you to post to your escrow account and print your checks. 4. Click OK. If you selected Post and Print, the Check Printing window is displayed to select the printer, check template, and starting check number. Page 22 Rev. Date: DoubleTime Escrow Accounting Workbook

27 Escrow Accounting 5. Click the Check Template field and select the check template from the drop-down list. 6. In the Beginning Check No. field, type Ensure the starting check number of your check stock is entered in this field. 7. Click Print. A message is displayed asking you to confirm if the checks printed correctly. Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If you select Yes, those check numbers can not be used or printed again from this Escrow Account. 8. If the checks did not print correctly, enter the first check number that did not print correctly and click No. 9. If the checks printed correctly, click Yes. A message is displayed stating that the file was successfully posted. Page 23 DoubleTime Escrow Accounting Workbook Rev. Date:

28 DoubleTime Escrow Accounting Workbook 10. Click OK. 11. Click the Close button. 12. Click the Switch Active Closing File button on the main toolbar. 13. In the Closing File Selection window type 2E then click Browse. Select the 2EADemo file, and click OK. Next you will post transactions from the Balance Sheet to Escrow Accounting for the 2EADemo closing file. 14. Click the Balance Sheet button from the main toolbar. 15. Repeat the process from the Posting Figures from the Balance Sheet section with the following exceptions: Do not combine any figures. Select Post Only as the Post Activity choice. 16. Click OK. A message is displayed stating Transaction(s) were successfully posted. In this example you did not print any checks or deposit slips. 17. Click OK. 18. Click the Close button. Page 24 Rev. Date: DoubleTime Escrow Accounting Workbook

29 Escrow Transaction Management Escrow Transaction Management Concept After you have successfully posted from your balance sheet, you can view escrow account transactions and perform actions from the Escrow Transaction Management module. These actions include the following. post, edit/void, or merge deposits generate deposit slips print deposit slips post, edit/void, or merge disbursements print disbursement checks To begin, you will select the Escrow Account you want to use and access the appropriate closing file. Then you will use the Actions menu option to perform the desired actions. Objective The objective of this lesson is to show you how to manage deposits and disbursements in the Escrow Transaction Management module. You will also learn how to print and customize deposit slips, print disbursement checks, transfer funds between Closing Files, post traceable fees and miscellaneous funds. Page 25 DoubleTime Escrow Accounting Workbook Rev. Date:

30 DoubleTime Escrow Accounting Workbook Bank Account Selection 1. To access the Escrow Transaction Management module, click the Bank button on the main toolbar. The Bank Account Selection window is displayed. 2. Select New Escrow Account and click OK. The deposits and disbursements for the Escrow Account are displayed in the Escrow Accounting- New Escrow Account window. Page 26 Rev. Date: DoubleTime Escrow Accounting Workbook

31 Escrow Transaction Management Escrow Accounting Work Area Search Criteria In the Escrow Accounting Work Area you can sort transactions based on one or more of the following: Date From and Date To File No. Type Trans. No Status Payee/Payor Amount Special Default Sort Order By default, transactions display in the following order: 1. Unconfirmed transactions (those without a check, confirmation or deposit slip number) 2. Confirmed transactions that consist of a single item 3. Confirmed transactions that consist of combined items such as deposit slips with multiple deposits or combined disbursements 4. Transfers Each group is sorted by date, from most recent to oldest, but the order can be changed by clicking the column header to sort them according to that preference. Note: The Refresh button restores the default sort order. Page 27 DoubleTime Escrow Accounting Workbook Rev. Date:

32 DoubleTime Escrow Accounting Workbook Escrow Accounting Transaction Management Module - Buttons The buttons displayed on the secondary toolbar in the Escrow Accounting Transaction Management module are listed below. Button Description Change Bank Account - Allows you to change to a different Bank Account from within the Escrow Transaction Management module. Reconciliation - Allows you to reconcile the Escrow Transaction Management module with your monthly bank statement. epayment Confirmation - Gives a confirmation number for any remittances that were sent to The Fund electronically. Change Dates - Allows you to select the date range that you would like to display in the Escrow Transaction Management module. Reports - Accesses reports from the Escrow Transaction Management module. This differs from the Standard Reports button. Refer to the Reports section of this book for more details. Refresh - Redisplays the Escrow Transaction Management (the Work Area) module window with data you changed. This button resets the sort criteria in the Work Area. Page 28 Rev. Date: DoubleTime Escrow Accounting Workbook

33 Escrow Transaction Management Try This Switch Active Closing File allows you to switch to a different closing file. You can search for a file with the Closing File Number, Seller Name, Buyer Name, Subdivision Name, Lot, Unit, Block, or Building and Street Address. Simply type the desired criteria into one of these fields and browse for the file. Once a Closing File has been selected you can manage the Escrow Account for that file. 1. Click the Switch Active Closing File button. 2. In the Closing File Number field, type EADemo, click Browse and OK. The Closing File Selection window is displayed. The Closing File Number is displayed and remains highlighted. 3. Click OK. You are now in the Escrow Transaction Management module for the EADemo file. 4. Remove the information from the File No. field. All files are displayed. Page 29 DoubleTime Escrow Accounting Workbook Rev. Date:

34 DoubleTime Escrow Accounting Workbook The Actions Menu In the Escrow Transaction Management module, you can access most of the functions needed by using the Actions menu in the menu bar. The Trans. No. field in the Work Area has important significance. Transactions with a Trans. No. are confirmed transactions and cannot be edited. Transactions without a Trans. No. can be edited and will not be reflected on the File Ledger Report. This provides you with the flexibility to post transactions that you expect to occur, edit them if they change when they occur, and confirm them (i.e. provide a Trans. No.) to indicate they have actually occurred. This concept applies to deposits as well. Generating a deposit slip in DoubleTime provides a Trans. No. for deposits and reflects them on the File Ledger Report. The following lessons provide the steps to complete the necessary tasks. Page 30 Rev. Date: DoubleTime Escrow Accounting Workbook

35 Escrow Transaction Management Managing Deposits From the Escrow Accounting module, you have a variety of options in regard to posting your deposits. There are two steps to managing deposits in the Escrow Accounting module. 1. Post = identify monies you expect to receive or have received but not yet prepared for deposit to the bank. 2. Generate Deposit Slip = create a Trans. No. for deposits to identify they have been received and are ready for deposit to your bank account. The Generate Deposit Slip is an important step. Deposits are not reflected on the File Ledger report until the deposit slip has been generated in DoubleTime. You will have the option to print the deposit slip from DoubleTime, or manually write out a traditional paper deposit slip. In both cases there are actions needed in DoubleTime to provide a Trans. No. for the deposit and reflect the deposit on the File Ledger report. The steps are outlined in the following lessons. The Deposits selection from the Actions menu allows you to Post, Edit or Void, or Merge deposits from the current Escrow Account. You can also generate deposit slips. Deposit to Bank DoubleTime has a post activity called Deposit to Bank. When Deposit to Bank is selected and posted to the DoubleTime Escrow Accounting module a transaction number is automatically generated. Utilizing the Deposit to Bank option eliminates the steps to generate a deposit slip. This feature is available from several sections in the program, which will be discussed later in class. Page 31 DoubleTime Escrow Accounting Workbook Rev. Date:

36 DoubleTime Escrow Accounting Workbook Managing Deposits from the Actions menu In a previous lesson you posted an expected Wire In from Bank of Florida. The wire has now been completed and you want to enter the wire confirmation number in DoubleTime. In this lesson you will edit the Wire In transaction and enter the confirmation number. You are able to edit the transaction because it has not yet been confirmed and does not have a Trans. No. 1. From the Escrow Accounting window, doubleclick the $180, deposit from Bank of Florida. The Edit Deposit window is displayed. 2. In the Confirmation Number field, type Click Post. The Wire In is now a confirmed transaction. Page 32 Rev. Date: DoubleTime Escrow Accounting Workbook

37 Escrow Transaction Management Posting Additional Deposits to the Escrow Accounting Module Although it is not standard practice, DoubleTime is flexible enough to allow you to post additional deposits to the Escrow Account module. In this lesson you will post the initial deposit of $250 the bank required you to make when you opened your new Escrow Account. 1. From the main menu, click Actions > Deposits > Post. The Post Deposit window is displayed. 2. Verify Deposit is selected from the drop-down menu in the Type field. 3. Enter in the Dep. Chk. No. field. 4. Enter $ as the Amount of the deposit. 5. Click the Switch Closing File button. Deposit is the default. Note: If the Type is Wire in, enter the Confirmation Number you receive from the bank in the Confirmation Number field. This is the number on the check you wrote for the deposit. This reflects your initial deposit into your new Escrow Account. Note: All deposits must be associated to a closing file. Since this is an initial deposit for the new account and is not related to a closing file, it is not appropriate to select an actual file as the closing file. DoubleTime provides a Bank Adjustments file for these types of transactions. Page 33 DoubleTime Escrow Accounting Workbook Rev. Date:

38 DoubleTime Escrow Accounting Workbook 6. In the Closing File Selection window type BA then click Browse select the Bank Adjustment file, and click OK. 7. Click the Contacts button. You can select or add a new contact at this time. Since this is your initial deposit into the new Escrow Account, you are the Payor. 8. In the Contact Type field select All. 9. In the Name field type richard. Select Richard P. Bruce Esq. as the Payor. Click OK. 10. In the Description field type Initial Deposit to New Escrow Account. 11. Click Post. Page 34 Rev. Date: DoubleTime Escrow Accounting Workbook

39 Escrow Transaction Management Edit or Void Deposit If you need to change a deposit that is already posted, you can edit deposits from within the Escrow Accounting module. In a previous lesson you posted a deposit you expected to receive from Sunshine Realty. Now you have received the check and you want to add the check number to DoubleTime. Later you will generate the deposit slip to confirm the transaction and assign it a Trans. No. so it is reflected on the File Ledger Report. Note: You can only edit Unconfirmed Deposits (transactions without a Trans. No). 1. Select the $45, deposit from Sunshine Realty. 2. Click Actions from the menu bar and then choose Deposits > Edit/Void. The row highlights. The Edit Deposit window is displayed. 3. Enter in the Dep. Chk No. field. This documents the number on the received check in DoubleTime escrow accounting. It does not confirm the transaction. You will need to generate a deposit slip to confirm the deposit. You will do this in the lessons that follow. 4. Click Post. 5. Double click on the $45, deposit from Bank of Florida. 6. In the Status field select Void from the drop-down menu. The Edit Deposit window is displayed. The Void Reason field becomes available. Page 35 DoubleTime Escrow Accounting Workbook Rev. Date:

40 DoubleTime Escrow Accounting Workbook 7. In the Void Reason field select Wrong Amount from the drop-down menu. The selections on the Void Reason drop-down list include: Wrong Closing File Non Sufficient Funds Stop Payment Wrong Printer Other Note: If you select Other, then you must enter a Void Memo of at least 10 characters. Note: You can add customized reasons by clicking Modules from the menu bar and choosing Maintenance (Lists) > Escrow Void Reason. 8. Click Cancel. Page 36 Rev. Date: DoubleTime Escrow Accounting Workbook

41 Escrow Transaction Management Merge Deposits If you have multiple deposits from the same Payor, you can combine the deposits into a single deposit. Consider the following scenario: You were working on two closing files for Sunshine Realty. You posted two deposits, one for each closing file, which you expected to receive from Sunshine Realty. You just received the payments from Sunshine Realty, but they sent one check instead of two. It is not necessary to void the two deposits you posted earlier. You can merge the posted deposits into a single deposit. In this lesson you will learn the steps to merge into a single deposit. 1. From the menu bar, click Actions > Deposits > Merge. The Merge Deposits window is displayed. Any payor with multiple unconfirmed deposits are displayed. 2. Select the check boxes for the deposits you want to merge. Page 37 DoubleTime Escrow Accounting Workbook Rev. Date:

42 DoubleTime Escrow Accounting Workbook 3. Click the Post button. Page 38 Rev. Date: DoubleTime Escrow Accounting Workbook

43 Escrow Transaction Management Allocate Deposits In the event that you are working on multiple closings for a single party, they may send deposits for the multiple closing files in a single check. DoubleTime allows you to allocate funds from a single check to multiple closing files. In this example you will receive a check for $8, from Sunshine Realty. Only $4, of the check is for the 2EADemo file. The other $4, is for a different closing file. 1. In the main menu, click Actions > Deposits > Post. The Post Deposits window is displayed. 2. Select the Allocate Deposit? check box. 3. Type 7777 in the Dep. Chk. No. field. Additional fields are displayed that allow you to allocate portions of the deposit to different files. This is the number on the check received. 4. Type the total amount of the check, $8,000.00, in the Amount field. 5. Type Sunshine Realty, in the Payor field, OR You can select or add a new contact at this time. Click the Contacts button to select Sunshine Realty as the payor. Page 39 DoubleTime Escrow Accounting Workbook Rev. Date:

44 DoubleTime Escrow Accounting Workbook 6. Click the Switch Active Closing File button and select the first closing file to which you want to allocate a portion of the deposit, 2EADemo. 7. Type the amount of the deposit, $4,000.00, to be allocated to the 2EADemo file in the Amount field. 8. Type 2nd deposit to identify the deposit in the Description field. The total amount of the deposit is displayed on the Amount Available line. Once an amount is entered for the selected file, the allocated amount is subtracted from the Amount Available line. You may want to be as detailed as possible. 9. Click Add. An additional blank field is displayed to allow for allocating funds to another file. 10. Click Switch Active Closing File button. Page 40 Rev. Date: DoubleTime Escrow Accounting Workbook

45 Escrow Transaction Management 11. In the Closing File Selection window type then click Browse select the file, and click OK. This is the file that you want to allocate the rest of the deposit. 12. Type $4, to be allocated to the second file in the Amount field. 13. Type 2nd deposit to identify the deposit in the Description field. You may allocate funds to as many files as needed. You should be as detailed as possible. 14. Click Post. Note: If dollar amount displayed on the Amount Available line is more than $0.00 you will receive the warning message shown below. Make any necessary adjustments to the amounts of the allocations; click Post again. Page 41 DoubleTime Escrow Accounting Workbook Rev. Date:

46 DoubleTime Escrow Accounting Workbook Generate Deposit Slip Now that you have posted deposits in DoubleTime, using a post activity of Deposit (Cash) or Deposit, received the checks, and are ready to make the deposits to the bank, you must generate the deposit slip in DoubleTime. You will have the option to print the deposit slip from DoubleTime or hand write it. However, regardless of which option you choose, you must execute the Generate Deposit Slip steps in DoubleTime. This will: 1. Confirm the deposit, 2. Generate a transaction number for the deposit, and 3. Reflect the deposit on the File Ledger report. The Escrow Transaction Management module offers the flexibility to use traditional paper deposit slips or generate and print deposit slips from DoubleTime. You can use deposit slip templates provided or customized deposit slip templates. If you decide to use traditional paper deposit slips DoubleTime will track and record your deposit slip numbers through the Escrow Transaction Management module. Both, tracking traditional paper deposit slips and using DoubleTime to print your deposit slips are done through the Actions menu. These steps are not necessary when utilizing the Deposit To Bank as a Post Activity option. Generating and Printing a Deposit Slip In this lesson you will generate and print a deposit slip for the $55, deposit from Sunshine Realty for the EADemo file. 1. From the menu bar, click Actions > Deposits > Generate Deposit Slip. The Print Deposits window is displayed. Note: When you generate a deposit slip, you automate the generation of deposit slip numbers.you can also reprint deposit slip reports. Page 42 Rev. Date: DoubleTime Escrow Accounting Workbook

47 Escrow Transaction Management 2. Select the Print? check box for the deposit from Sunshine Realty for the $55, Click Post and Print. The Deposit Slip Printing window is displayed. 4. Select which template you wish to use in the Deposit Template dropdown list. Note: The first time you do this you will set the starting number for all your deposit slip numbers. The default starting number is 1. The next time you manually generate a deposit slip or use the Deposit to Bank option, the deposit slip number will default to the next number in sequence; the number can be changed if necessary except when using the Deposit to Bank option. The deposit slip number becomes the transaction number for the deposit. 5. Click Print. The deposit slip is printed, the deposit is confirmed, a Trans. No. is assigned to the deposit and it is reflected on the File Ledger Report. Page 43 DoubleTime Escrow Accounting Workbook Rev. Date:

48 DoubleTime Escrow Accounting Workbook Using a Traditional Paper Deposit Slip In this lesson you will write a traditional paper deposit slip for the deposit from the borrower. You will see that you must still generate the deposit slip in DoubleTime in order to confirm the deposit and reflect it on the File Ledger Report. 1. From the menu bar, click Actions > Deposits > Generate Deposit Slip. 2. Select the Print? check box for the deposit from George Bigfoot. 3. Select the Manually Generate Deposit Slip? check box. The Print Deposits window is displayed. Note: If you want to use a traditional paper deposit slip and do not want to print the deposit slip from DoubleTime, select the Manually Generate Deposit Slip option. Notice that the Deposit Slip No. is automatically generated. 4. Click Post. Since you did not print the deposit slip, you must write out your paper deposit slip. The deposit is confirmed, a transaction number is assigned to the deposit, and it is reflected on the File Ledger Report. Page 44 Rev. Date: DoubleTime Escrow Accounting Workbook

49 Escrow Transaction Management 5. Write out your paper deposit slip. 6. Take your deposits to the bank. Reprinting a Deposit Slip 1. From the menu bar, click Actions > Deposits > Generate Deposit Slip. 2. Select Print Previously Generated slip. The Print Deposits window is displayed. A list of previously printed deposit slips is displayed. 3. Select the check box for the deposit slip you would like to reprint. The Deposit Slip Printing window is displayed. Note: You may reprint deposit slips when the Deposit to Bank option in Post Activity is selected. 4. Click Print. Note: Make sure to take note of the deposit number provided by DoubleTime Escrow Accounting. You may want to document it somewhere in your hand written deposit slip. Page 45 DoubleTime Escrow Accounting Workbook Rev. Date:

50 DoubleTime Escrow Accounting Workbook Managing Disbursements After you post disbursements to the Escrow Account, DoubleTime has the flexibility to let you Post, Edit/Void, or Combine disbursements. You may also utilize this feature to create a new check or post a hand written check. Managing Disbursements from the Actions menu. 1. From the menu bar, click Actions > Disbursements. You can then choose to Post, Edit/Void, or Print/ Combine disbursements. Page 46 Rev. Date: DoubleTime Escrow Accounting Workbook

51 Escrow Transaction Management Post Disbursement DoubleTime provides the flexibility to post additional disbursements to the Escrow Accounting module. Consider the following scenario. A file that you were processing in your office has cancelled. Your office was holding the escrow deposit, and now you need to return the monies. In this lesson the instructor will demonstrate the steps to create and post a check. 1. From the menu bar, click Actions > Disbursements > Post. The Post Disbursement window is displayed. 2. Select the Type of Disbursement. The Type field defaults to Check. Note: If check was hand written and you type the check number issued in the Check No. field, the Print and Post button will be disabled. Note: If the Type is Wire Out, enter the confirmation number in the Confirm No. field. 3. Type $1, in the Amount field. 4. Click the Switch Active Closing File button. The Closing File Selection window is displayed. Page 47 DoubleTime Escrow Accounting Workbook Rev. Date:

52 DoubleTime Escrow Accounting Workbook 5. In the Closing File Number field type , click Browse, and click OK. 6. Click the Contacts button. The Select Contact window is displayed. 7. In the Last name field type Landers and click OK. 8. In the Description field type Release of Escrow. 9. Click Print and Post. Note: For hand written checks enter the check number in the Check No. field and select the Post button. The Print and Post button will be disabled. Note: Notice that the Check Template field defaults to your customized check template created for this escrow account; and your Beginning Check No. field displays the next available check from your check stock. If the Beginning Check No. field does not display the correct check number enter the correct check number. 10. Click Print. A message is displayed asking you to confirm if the checks printed correctly. Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If you select Yes, those check numbers can not be used or printed again from this Escrow Account. Page 48 Rev. Date: DoubleTime Escrow Accounting Workbook

53 Escrow Transaction Management Edit Disbursement In the event that you make errors in disbursements that are not yet posted and printed or the disbursements have changed, you can edit the disbursement before printing the checks. If the disbursement has already been posted and printed you will only have the option to void the disbursement. Note: You can only edit Unconfirmed Disbursements (transactions without a Transaction Number). 1. Double click the Wire Out to First Eastern Bank. The Edit Disbursement window is displayed. 2. In the Type field select Check. Modify any information as necessary. 3. Click Post. Note: If you selected Void in the Status dropdown list, clicking Post will void the disbursement. Note: To void the disbursement, select Void in the Status drop-down list. You cannot edit disbursements that have been Posted and Printed, but you can void the disbursement. The selections on the Void drop-down list include: Check was lost Check was destroyed Wrong Closing File Non Sufficient Funds Stop Payment Wrong Printer Other Note: If you select Other, then you must enter a Void Memo of at least 10 characters. Note: You can add customized reasons by clicking Modules in the main menu and choosing Maintenance (Lists) > Escrow Void Reason. Page 49 DoubleTime Escrow Accounting Workbook Rev. Date:

54 DoubleTime Escrow Accounting Workbook Printing Disbursement Checks The Escrow Accounting Transaction module provides the ability to print disbursement checks from DoubleTime. You have the ability to print individual checks or combine disbursements to the same payee into a single check. Printing Individual Checks 1. From the menu bar, click Actions > Disbursements > Print/Combine. The Print/Combine Disbursements window is displayed. 2. Select the ATFS, LLC, Bank of Florida and First Eastern Bank. Note: You may utilize the File No. field to restrict the list of checks displayed in the Print/ Combine Disbursements window. You can also click the Switch Active Closing File button to ensure accuracy of your file number. 3. Click Print. The Check Printing window is displayed. Note: Ensure the Beginning Check No. field displays the correct check number. Page 50 Rev. Date: DoubleTime Escrow Accounting Workbook

55 Escrow Transaction Management 4. Click Print. A message is displayed asking you to confirm if the checks printed correctly. 5. Click Yes. Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If the checks did not print correctly, enter the first check number that did not print correctly and click No. If the checks printed correctly, Click Yes. A message is displayed asking you to confirm if the checks printed correctly. Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If you select Yes, those check numbers can not be used or printed again from this Escrow Account. Page 51 DoubleTime Escrow Accounting Workbook Rev. Date:

56 DoubleTime Escrow Accounting Workbook Combining Disbursements into a Single Check 1. From the menu bar, click Actions > Disbursements > Print/Combine. 2. Select the Combine Disbursements radio button. The Print/Combine Disbursements window is displayed. The entries are sorted by the Payee. The entries are sorted by the Payee. A list of all fees going to each payee is displayed below their name. Multiple disbursements with the same payee may be displayed. 3. Select both checks. Note: If you have manually written the check, make sure to click the Manually generated check? box and type the correct check number in the Check No. field. 4. In the Memo field type Combined Title Charges. The information typed in this field will print on the memo section of your check. 5. Click Post and Print. The Check Printing window is displayed. Note: Ensure the Beginning Check No. field displays the correct check number. Page 52 Rev. Date: DoubleTime Escrow Accounting Workbook

57 Escrow Transaction Management 6. Click Print. A message is displayed asking you to confirm if the checks printed correctly. 7. Click Yes. Closing File Funds Transfer Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If the checks did not print correctly, enter the first check number that did not print correctly and click No. If the checks printed correctly, Click Yes. A message is displayed asking you to confirm if the checks printed correctly. Note: Read the confirmation box carefully. Ensure that you review your printed checks before you answer Yes or No. If you select Yes, those check numbers can not be used or printed again from this Escrow Account. From within the Escrow Transaction Management module you can transfer funds from one DoubleTime closing file to another. The primary purpose of this is during a simultaneous first and second mortgage closing where the funds from the second mortgage are needed to close on the first mortgage. You may also use the Closing File Funds Transfer function when the seller s net proceeds are being transferred to their purchase or if a deal falls through and the monies are being applied to another deal. In order to transfer funds between closing files, there must be sufficient funds in the source file. 1. Double click the check to Kevin R. Sullivan and Michele Sullivan. The Edit Disbursement window is displayed. 2. In the Status field select Void. 3. In the Void Memo field type Transfer Funds to New Purchase. 4. Click Post. Funds now become available in DoubleTime Escrow Accounting. Page 53 DoubleTime Escrow Accounting Workbook Rev. Date:

58 DoubleTime Escrow Accounting Workbook 5. From the menu bar click Actions > Closing File Funds Transfer. The Closing File Funds Transfer window is displayed. 6. Click the Switch Closing File button in the Transfer From Closing File field. 7. In the Closing File Number field type 2EA, click Browse and OK. 8. Click the Switch Closing File button in the Transfer To Closing File field. 9. In the Closing File Number field type , click Browse and OK. The Closing File Selection window is displayed. Note: Only closing files with transactions posted to DoubleTime Escrow Accounting are displayed. The Closing File Funds Transfer window is displayed reflecting the Available Funds. The Closing File Selection window is displayed. Note: All closing files in your DoubleTime database are displayed. The Closing File Funds Transfer window is displayed. 10. In the Transfer Amount field type In the Transfer Reason field select Sellers net proceeds being transferred to their purchase. Note: If you select Other in the Transfer Reason field, you must enter at least 10 characters in the Transfer Memo field. 12. Click Post. Page 54 Rev. Date: DoubleTime Escrow Accounting Workbook

59 Escrow Transaction Management Maintenance (Lists) - Escrow Transfer Reason You can add customized transfer reasons in the Maintenance (Lists) module. 1. On the menu bar, click Modules > Maintenance (Lists). The Select List window is displayed. 2. Select Escrow Transfer Reason and click OK. 3. To add the new Escrow Transfer Reason, click the Insert button. 4. Type a transfer reason in the Transfer Reason Description box. The Maintenance (Lists) - Escrow Transfer Reasons window is displayed. A new row is displayed. Note: If you select the Inactive checkbox next to any Transfer Reason Description, the selected description will not be available for future transfers. 5. On the secondary toolbar, click the Close button to save the changes and exit the module. Page 55 DoubleTime Escrow Accounting Workbook Rev. Date:

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61 Escrow Accounting - Reconciliation Escrow Accounting - Reconciliation Concept The reconciliation feature allows you to reconcile your Escrow Account data in DoubleTime with your monthly bank statement. You are able to add bank charges and interest to assist with the reconciliation process. Objective The objective of this lesson is to show you how to reconcile Escrow Accounting in DoubleTime with your bank statement. You will also learn how to unreconcile an account and perform epayment confirmations. Page 57 DoubleTime Escrow Accounting Workbook Rev. Date:

62 DoubleTime Escrow Accounting Workbook Reconciling Your Monthly Bank Statement When you receive your monthly bank statement you will want to reconcile with your transactions in DoubleTime. 1. On the menu bar click Actions > Reconciliation OR Click the Reconciliation button on the secondary toolbar. Either access method will display the Bank Statement Summary window. 2. Select the ending date of the bank statement being used for reconciliation from the Ending Date drop-down list. Ending Date will only need to be entered the first time you reconcile. Page 58 Rev. Date: DoubleTime Escrow Accounting Workbook

63 Escrow Accounting - Reconciliation 3. Type the ending balance of the bank statement in the Ending Balance field. Ending Balance must be entered every time you reconcile a new month. 4. Click the Add button if there are bank charges or interest to add. A new row is displayed. Enter the appropriate information. Repeat for each charge or credit you need to add. These additions are added to the Bank Adjustments file for reconciliation purposes. 5. Click OK. The Bank Statement Reconciliation window is displayed. 6. Select the check boxes for the transactions you have reconciled between your Escrow Account and your bank statement. The figures at the bottom of the Bank Statement Reconciliation window adjust as you select each transaction. Page 59 DoubleTime Escrow Accounting Workbook Rev. Date:

64 DoubleTime Escrow Accounting Workbook 7. Click the Finalize button when you are finished reconciling your Escrow Account and your bank statement. Note: The Difference line must read 0 in order for your account to reconcile. If you want to exit the window without taking any action, click Cancel. If you want to save your changes and resume the reconciliation at another time, click Finish Later. If you want to print a report of all the cleared items, click Print Proof. If you want to start a new reconciliation with another bank statement, click Bank Statement. Try This Consider the following scenario: Richard P. Bruce just received a monthly bank statement and it is now time to reconcile his Trust Account. Utilizing the handout follow the steps below to guide you as you reconcile Richard P. Bruce s New Escrow Account. Page 60 Rev. Date: DoubleTime Escrow Accounting Workbook

65 Escrow Accounting - Reconciliation 1. Click the Reconciliation button on the secondary toolbar. 2. Select the ending date of the bank statement being used for reconciliation from the Ending Date drop-down list. 3. In the Ending Balance field type 24, The Bank Statement Summary window is displayed. Ending Date will only need to be entered the first time you reconcile. Ending Balance must be entered every time you reconcile a new month. 4. Click OK. 5. In the Credits section clear your deposits. 6. In the Debits section clear your checks or wires. 7. Ensure that the Difference line reflects 0 balance. 8. Click Finalize button. Page 61 DoubleTime Escrow Accounting Workbook Rev. Date:

66 DoubleTime Escrow Accounting Workbook Unreconcile Account You may unreconcile a monthly period if necessary. However, you must unreconcile all months leading back to the month you wish to unreconcile. For example, to unreconcile the month of June, you must also unreconcile the month of July. 1. On the menu bar, click Actions, and then Unreconcile. The Unreconcile Account Selection window is displayed. 2. Select the check boxes for the period to unreconcile. You must Unreconcile all months leading back to the month you wish to reconcile. 3. Click OK. Page 62 Rev. Date: DoubleTime Escrow Accounting Workbook

67 Escrow Accounting - Reconciliation epayment Confirmation You can verify that all electronic payments of the remittance to The Fund have been confirmed. Once confirmed, you can assign a confirmation number of the remittance in the Escrow Transaction Management module. The epayment Confirmation window is displayed automatically when you access Escrow Accounting if all of the following are true: 1. epayments are posted to Escrow Accounting, and 2. The electronic payment has been completed, and 3. The Amount and Closing File match. You can also access epayment Confirmation from the Actions menu. 1. On the menu bar, click Actions > epayment Confirmation. The epayment Confirmation window is displayed. 2. Select the check boxes for the transactions you want to confirm. 3. Click OK. A Tran. No. is assigned to the epayment, the transaction is confirmed, and it is reflected on the File Ledger Report. Page 63 DoubleTime Escrow Accounting Workbook Rev. Date:

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69 Print Process Administration Print Process Administration Concept DoubleTime tracks and manages check numbers for disbursement checks printed from the Escrow Accounting module. DoubleTime will not allow you to print the same check number more than one time per Escrow Account. When printing checks you must confirm if the checks printed correctly. This is a critical step because if you select Yes, the check numbers used are no longer available for that Escrow Account in DoubleTime. As noted in previous sections, it is very important to validate your check print job before selecting Yes. Print Process Administration is used in the event that there is a system failure, such as a power outage, before you are able to click Yes or No on the print confirmation window. Print Process Administration will allow you to complete the print validation process. Print Process Administration is not used to reprint checks. Once a check has been successfully printed from an Escrow Account in DoubleTime, it can not be reprinted. You will know when you need to do this because you will receive an error that another user is printing when you try to print. Objective The objective of this lesson is to show you how to use Print Process Administration for the failure situation noted above. Page 65 DoubleTime Escrow Accounting Workbook Rev. Date:

70 DoubleTime Escrow Accounting Workbook Print Process Administration Print Process Administration is used on the rare occasion that a system failure occurred while the Escrow Accounting Post and Print confirmation was displayed, but before you had the opportunity to click Yes or No. 1. On the menu bar, click Actions > Print Process Administration. The Print Process Administration window is displayed. 2. Click OK after verifying no other users are printing checks. Page 66 Rev. Date: DoubleTime Escrow Accounting Workbook

71 Print Process Administration 3. Select Yes, No or Don t Know next to each check. If you select Yes, DoubleTime notes that the check printed successfully and removes the check number from the available check number pool for the Escrow Account. You will not be able to print a check with this check number from this Escrow Account again. If you select No, DoubleTime notes that the check did not print and the check number remains available for use. The check number is returned to the available check number pool for this Escrow Account and you can effectively reprint your check. To do so, repeat the print check process. If you select Don t Know, DoubleTime retains the check number in the Print Process Administration until Yes or No is selected. Until such time, the check number can not be used and you will have a gap in your used check numbers. 4. Click OK. Note: Only use Print Process Administration when checks did not print. Do not use Print Process Administration if the check was damaged during printing. If the check was damaged during printing, you must select No when asked to verify if the checks printed successfully. Page 67 DoubleTime Escrow Accounting Workbook Rev. Date:

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73 Preferences Preferences Concept The Preferences module contains information about your company and your preferred settings. It is here that you can establish settings for your Escrow Account Maintenance module. The selections you make are stored as permanent settings that can only be changed within the Preferences module. In Preferences, you can also establish office settings for use across the office network. Objective The objective of this lesson is to show you how to set up your check print sequencing and the default settings for handling your Fund remittance in the Escrow Accounting module. If the closing agent is holding a deposit, you can set the user settings to be prompted to post the deposit. You can also be reminded to order new checks when you are running low, as well as to set the default post date to your Escrow Accounting module. Page 69 DoubleTime Escrow Accounting Workbook Rev. Date:

74 DoubleTime Escrow Accounting Workbook Office Settings In Preferences/Office Settings, you have the ability to set your check stock. You can select Office Check Stock if all users are printing from the same sequence of check numbers, or Individual Check Stock if each user has their own starting sequence number for checks. You can also determine your settings for Fund Remittance Posting by choosing epayment, Post and Print, or Post only, depending on how you send your remittance to The Fund. 1. On the menu bar, select Preferences > Office Settings. The Office Settings window is displayed. Page 70 Rev. Date: DoubleTime Escrow Accounting Workbook

75 Preferences 2. Click the Escrow Accounting tab. The Escrow Accounting tab is displayed. 3. Select the correct Check Number Sequence. Note: The default is Individual Check Stock. 4. Select the Default Post Activity for Fund Remittance Posting. 5. On the secondary toolbar, click the Close button to save the changes and exit Office Settings. The Office Settings within Preferences is closed. Page 71 DoubleTime Escrow Accounting Workbook Rev. Date:

76 DoubleTime Escrow Accounting Workbook User Settings To use the DoubleTime Escrow Accounting package, you first need to make sure your User Settings are established on the Escrow Accounting tab. It is recommended that you use the default setting, so the user can be prompted to post a deposit from the closing file if it is being held from the Closing Agent. You can also be reminded when to order new checks, by entering the specific check number for the reminder. Finally, in User Settings you can set a Default Post Date for your balance sheet posting. Your choices are Today s Date, Closing Date, or Disbursement Date. 1. On the menu bar, select Preferences > User Settings. The General tab of the User Settings window is displayed. Page 72 Rev. Date: DoubleTime Escrow Accounting Workbook

77 Preferences 2. Click the Escrow Accounting tab. The Escrow Accounting tab is displayed. 3. In the General section, select the appropriate reminder. Note: If you want to be reminded to order new checks, enter the check number for the reminder. 4. Select your Default Post Date. 5. Select your Default Deposit Post Preference. Deposit to Bank will post and generate a Tran. No. Deposit Only will only post your deposit in the Escrow Account Module. 6. On the secondary toolbar, click the Close button to save the changes and exit User Settings. The User Settings within Preferences is closed. Page 73 DoubleTime Escrow Accounting Workbook Rev. Date:

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79 Reports Reports Concept DoubleTime Escrow Accounting enables you to produce the following reports: Audit/History Trail Bank Adjustments Bank Register Check Number Sequence Cleared Deposits Cleared Disbursements Cleared Voids Deposit Journal Disbursements Register File Ledger Monthly Deposits Monthly Disbursements Outstanding Deposits Outstanding Disbursements Payee/Payor Reconciliation Package Reconciliation Summary Transfer Funds Trial Balance Voucher Continuation Sheet Objective The objective of this lesson is to provide a description of each report and show you how to generate a File Ledger Report and a Reconciliation Package Report. Page 75 DoubleTime Escrow Accounting Workbook Rev. Date:

80 DoubleTime Escrow Accounting Workbook Escrow Accounting Reports There are a number of reports, including required reports for reconciliation, as well as reports to assist you with reconciling and researching transactions in Escrow Accounting. The reports available are as follows: Report Audit/History Trail Bank Adjustments Bank Register Check Number Sequence Cleared Deposits Cleared Disbursements Cleared Voids Description This report provides an overview by transaction of the original transaction and any modifications to that transaction. For a specified bank account, select the Transaction Type (Check, Deposit, epayment, Wire In, or Wire Out) and enter the Transaction number. The date and time the original transaction was entered is displayed, along with the User name. The date, time, and User name are also displayed for any subsequent modifications to that transaction. If Bank Charges and/or Bank Credits are entered during Reconciliation, this report displays and totals the adjustments for a specific bank account for a reconciled period or date range. This report displays a running balance of the selected bank account for the date range specified. It includes confirmed transactions only, i.e., transactions with check, deposit slip, or confirmation numbers. This report displays any check numbers that are not included in a specified sequence for a specific bank account. You can also search by date range for any checks that are not included in sequence between those dates. This report displays and totals any confirmed deposits that were cleared as of a given reconciled date for a specific bank account. This report displays and totals any confirmed disbursements that were cleared as of a given reconciled date for a specific bank account. This reports displays and totals all disbursements that were voided within a reconciled period. Page 76 Rev. Date: DoubleTime Escrow Accounting Workbook

81 Reports Report Description Deposit Journal This report can show all deposits for a specific bank account within a particular date range. Deposits do not have to be confirmed, i.e., have a Deposit Slip or Confirmation number, to appear on this report. You can also use the very flexible search criteria to locate all deposits for a specific Closing File, look for deposits of a specific Type or Status, or search for a particular deposit slip or confirmation number. The report includes Void transactions, if selected, and totals the deposits with and without the Void amounts. Disbursements Register This report can show all disbursements for a specific bank account within a particular date range. Disbursements do not have to be confirmed, i.e., have a Check or Confirmation number, to appear on this report. You can also use the very flexible search criteria to locate all disbursements for a specific Closing File, look for disbursements of a specific Type or Status, or search for a particular check or confirmation number. The report includes Void transactions, if selected, and totals the disbursements with and without the Void amounts. File Ledger This report shows all confirmed Deposit and Disbursement transactions for any Closing File within a particular bank account. Enter the Closing File Number or use the Closing File button to browse for a closing file. The Deposits are displayed first, followed by the Disbursements, along with any Special status (Allocated or Merged deposits, Transfers, or Combines) and whether the transaction is Outstanding or Cleared. The File Ledger Balance is calculated and displayed. Monthly Deposits This report displays and totals deposit transactions, both cleared and outstanding, for the reconciled period. Monthly Disbursements This report displays and totals disbursement transactions, both cleared and outstanding, for the reconciled period. Outstanding Deposits This report displays and totals any confirmed deposits that were not cleared within a given reconciled period for a specific bank account. The total amount of Outstanding Deposits is used on the Reconciliation Summary report as part of three-way reconciliation. Page 77 DoubleTime Escrow Accounting Workbook Rev. Date:

82 DoubleTime Escrow Accounting Workbook Report Outstanding Disbursements Payee/Payor Reconciliation Package Reconciliation Summary Transfer Funds Trial Balance Voucher Continuation Sheet Description This reports displays and totals any confirmed disbursements that were not cleared within a given reconciled period for a specific bank account. The total amount of Outstanding Disbursements is used on the Reconciliation Summary report as part of three-way reconciliation. This report allows you to search for disbursements or deposits to or by specific Payee or Payor names within a specified date range from a specific bank account. To print all six of the reports required for Fund Corporate agents (Outstanding Deposits, Outstanding Disbursements, Reconciliation Summary, Cleared Deposits, Cleared Disbursements, and Trial Balance), select Reconciliation Package Print All Required Reports on the Report Selection window. This report shows the three-way reconciliation among the Outstanding Deposits, Outstanding Disbursements, and Trial Balance. This report includes both Closing File Funds and Traceable Source Transfers. Search criteria include files where funds were transferred from and/or files where funds where transferred to. You can also search for transfer transactions by date range. Information on the report includes the Reason for the transfer as well as the User name that performed the transfer. This report shows all closing files within a specified bank account that do not have a zero balance on their File Ledger. You can display all closing files that do not have a zero balance within a specific reconciled period. The ending balance of these files within a specified reconciled period is used as part of three-way reconciliation on the Reconciliation Summary Report. You can also display all closing files with a balance up to a particular date. If transactions are combined in Escrow Accounting, print the Voucher Continuation Sheet to go along with the check to display the line item details. Page 78 Rev. Date: DoubleTime Escrow Accounting Workbook

83 Reports File Ledger Report You will use the File Ledger Report throughout the Escrow Accounting process to see if your account is in balance. Remember, transactions must be confirmed before they are reflected on the File Ledger Report. 1. On the menu bar, select Modules > Escrow Accounting > Reports, OR The Report Selection window is displayed. On the secondary toolbar, click the Reports button while in the Escrow Accounting Module. 2. Select File Ledger from the Report Name list. 3. Select the Bank Account on which you want to report. 4. Click the Switch Closing File button next to the Closing File Number box and select the closing file EADemo. 5. Click OK. The File Ledger report is generated. Page 79 DoubleTime Escrow Accounting Workbook Rev. Date:

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85 Reports Reconciliation Package Report The Reconciliation Package Report prints the following reports which are required for Fund Corporate agents. 1. Outstanding deposits 2. Outstanding disbursements 3. Trial balance 4. Reconciliation summary 5. Cleared Deposits. 6. Cleared Disbursements. 1. On the menu bar, select Modules > Escrow Accounting > Reports, OR Click the Reports button on the secondary toolbar while in the Escrow Accounting Module. The Report Selection window is displayed. 2. Select Reconciliation Package - Print all required reports from the Report Name list. 3. Select the Bank Account on which you want to report. 4. Select the Reconciliation Period. Page 81 DoubleTime Escrow Accounting Workbook Rev. Date:

86 DoubleTime Escrow Accounting Workbook 5. Click OK. The reports that make up the Reconciliation Package are printed. Page 82 Rev. Date: DoubleTime Escrow Accounting Workbook

87 Security Administration Security Administration Concept Security Administration allows you to set up users in DoubleTime and give them access to certain sections within the application. Objective The objective of this lesson is to show you how to set yourself up as an administrator as well as other users. You can give those users specific rights to certain sections of DoubleTime. You will also learn how to reset a user password. Page 83 DoubleTime Escrow Accounting Workbook Rev. Date:

88 DoubleTime Escrow Accounting Workbook Security Administration The first user name you must set up is for the Administrator. It is up to the Administrator to create other users and establish their rights within the database. You can grant access to DoubleTime and you can restrict access to the Checklist Template Maintenance or Escrow Accounting modules. In this lesson you will grant access to Escrow Accounting for the specified users. 1. On the menu bar, select Preferences > Security Administration. The Security Administration window is displayed. 2. Select the Escrow Accounting check box. Note: You must select the Security Settings you want to grant before clicking the Users tab. 3. Click the Users tab. The Users tab is displayed. From here you can select user names and grant access rights. Page 84 Rev. Date: DoubleTime Escrow Accounting Workbook

89 Security Administration 4. Select the User Name. 5. Select the rights you want to grant to the user. 6. On the secondary toolbar, click the Close button to save the changes and exit Security Administration. The Security Administration within Preferences is closed. Page 85 DoubleTime Escrow Accounting Workbook Rev. Date:

90 DoubleTime Escrow Accounting Workbook Passwords When a user logs onto DoubleTime for the first time, they will need to enter a password. They will also need to establish a question and answer that can be used to retrieve the password if it is misplaced or forgotten. 1. Enter your old password in the Old Password field. 2. Enter your new password in the New Password field. 3. Re-enter your new password in the Confirm Password field. 4. Select a question from the Forgot Password Question drop-down list. 5. Enter the answer in the Forgot Password Answer field. 6. Click OK. Page 86 Rev. Date: DoubleTime Escrow Accounting Workbook