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Anonymous
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Money deposited to a lawyers trust account

My company deals with buying and selling land and we are required to deposit funds to our lawyers trust account. These monies will be set off as an when we use their services. These funds are as good as cash from my point of view. What sort of an account (i believe its an asset from my point of view) do i create to record the amounts in my lawyers trust account. Thanks 

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Best answer April 01, 2019

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Community Champion

Money deposited to a lawyers trust account

Current Asset type- I call mine Escrow for Property Purchase. Give check to lawyer- post to Escrow. Record purchase in a journal entry- spply funds from Escrow. Works for me.

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Highlighted
Community Champion

Money deposited to a lawyers trust account

Current Asset type- I call mine Escrow for Property Purchase. Give check to lawyer- post to Escrow. Record purchase in a journal entry- spply funds from Escrow. Works for me.

View solution in original post

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