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Level 1

Chart of Accounts>Escrow>What Account Type and Detail Type do you use?

I run a residential rental llc. I need to know for an escrow account, what do you select as the Account Type and Detail Type.

 

From my research, it seems I would select either Account Type = Bank or Other Current Assets.

 

If I select Account Type = Bank none of the Detail Type options seem appropriate:

-Cash on Hand

-Checking

-Money Market

-Rents Held in Trust

-Savings

-Trust Account

 

If I select Account Type = Other Current Assets, then I really don't know what the Detail Type should be.

 

4 Comments
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Level 15

Chart of Accounts>Escrow>What Account Type and Detail Type do you use?

Detail type is something intuit created, it does not exist anywhere else, and it causes confusion in QBO.


If you are paying funds into an escrow, then I would use a bank type/cash detail type account and name it for what the escrow is. You will see that intuit uses the detail type to name the account - DTD - click in the name block upper right and name the account as needed.


If someone else is paying you money to hold in escrow, then that would be a current liability account

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Level 1

Chart of Accounts>Escrow>What Account Type and Detail Type do you use?

Thank you!

 

So you are saying Account Type = Bank and the Detail Type doesn't really matter? Possibly Detail Type = Cash on Hand?

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Level 15

Chart of Accounts>Escrow>What Account Type and Detail Type do you use?

Yes that is what I said

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Anonymous
Not applicable

Chart of Accounts>Escrow>What Account Type and Detail Type do you use?

Hey @confuoco03,

 

To add a little more context to the above comments about the difference between account type and detail type - Stacy Kildal Says: “Account Types Are More Important than Detail Types.”

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