I am trying to set up an Escrow Account in QuickBooks Online for a real estate company. This account holds deposits on sales before the closing date/sale goes through. How would I set this up accurately, and would it be best set up as a liability or asset? I've seen plenty of information online for mortgage escrow accounts, but nothing specifically about an escrow account only for deposits. These funds later are contributed towards the buyer's mortgage, and leave our account.
