Workflow Templates: Escrow Account Management Checklist

Verify the legitimacy of the escrow account with the bank

Ensure that the account is set up in the name of the appropriate party

Record the account details in the organization's financial system

Deposit initial funds into the escrow account

Track all incoming and outgoing transactions

Reconcile the account balance monthly

Ensure compliance with state and federal regulations

Schedule and conduct regular audits of the escrow account

Maintain detailed records of all financial activities for auditing purposes

Provide regular updates to all parties involved in the transaction

Prepare and distribute monthly statements to stakeholders

Address any discrepancies or concerns raised by stakeholders promptly

Escrow Account Management Checklist