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Soneya
Level 1
posted
‎September 06, 2024 06:38 PM
last updated ‎September 06, 2024 6:38 PM

Can anyone assist: In HUDs there is full amount of loan is mentioned as $ 101,000 and escrow as 66000 but 35000 is paid only to lender.

Actually in HUDs there is full amount of loan is mentioned as $ 101,000 and escrow as 66000 but the lender has paid $35,000 to the seller. Now I am receiving pricipal amounts in bank on later dates which does not adds up to total loan and escrow. What should I do for this?
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1 Comment 1
JoanaC
QuickBooks Team
QuickBooks Team
‎September 06, 2024 08:16 PM

Can anyone assist: In HUDs there is full amount of loan is mentioned as $ 101,000 and escrow as 66000 but 35000 is paid only to lender.

Let me shed more information about your loan and escrow, @Soneya.

 

The process of recording the HUD loan, which includes an escrow account and money paid from a lender, involves entering a Bill, creating a dummy account or clearing account, making a deposit, and a JE.

 

To record the lender payment, you need to create a bill. Then, you can use the bill to pay the dummy account and make a bank deposit from your escrow account.

 

For the amounts you receive from the bank at a later date, you can use a journal entry (JE). I recommend consulting your accountant to determine the appropriate accounts for debiting and crediting in the JE.

 

To help you on reconciling your accounts, check out this article: Reconcile an account in QuickBooks Online.

 

The Community is here to help you 24/7 if you still have questions about your bill payments. Have a great day.

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