I need to account for a property (asset) that sold. I have the Final Settlement and while I understand how the basic accounting for it would go, I am not sure what to do with the Escrow account that has money still in it in Quickbooks.
Here's my situation, how do I account for following:
Asset for property in QBs: 189,760.00
Property Sold for: 345,000.00
Liability balance in QBs: 173,530.00
Escrow balance in QBs: 1240.54
Accum Depreciation: -16800.00
Any help would greatly be appreciated!!