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Best answer April 20, 2021
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Hello jsCSP21!
I'll guide you to record the money that was transferred back to you.
When you paid the escrow, the money is taken from your business account, and the transaction is categorized as COGS by your previous bookkeeper.
Since the money is transferred back to you, you can deposit it to your business account and use the same COGS category. Basically, this step will reverse the movement of funds in the affected accounts.
With regards to setting up a liability account and changing the original escrow payment, you may not need to do this. However, I highly suggest consulting this scenario with an accountant since they are the best resource for accounting transactions. If they have different instructions, and you need help to reflect them in QuickBooks, just let us know.
Please know what you can reach out anytime if you have questions about your payment transactions.
Hello jsCSP21!
I'll guide you to record the money that was transferred back to you.
When you paid the escrow, the money is taken from your business account, and the transaction is categorized as COGS by your previous bookkeeper.
Since the money is transferred back to you, you can deposit it to your business account and use the same COGS category. Basically, this step will reverse the movement of funds in the affected accounts.
With regards to setting up a liability account and changing the original escrow payment, you may not need to do this. However, I highly suggest consulting this scenario with an accountant since they are the best resource for accounting transactions. If they have different instructions, and you need help to reflect them in QuickBooks, just let us know.
Please know what you can reach out anytime if you have questions about your payment transactions.
