Creating an escrow account

  1. Select CDR Common > Create Escrow Account.
  2. In the Account # field, type an identification code for the new account according to your agency's naming scheme.
  3. Select the type of account holder from the Contact Type list.
  4. Specify contact information for the account holder.
  5. Specify a maximum balance for the account in the Maximum Balance field.
    The maximum balance indicates how much money can be deposited, refunded, or transferred into the account at any time.
  6. Specify a minimum balance for the account in the Minimum Balance field.
    The minimum balance indicates the minimum amount of money that must always remain in the account. The account can only drop below this amount if you're paying fees and have supervisor approval, or if you're performing a withdrawal or an adjustment.
    Note: The minimum balance for escrow accounts is not enforced in Cashiering. When using the Cash Register, supervisor approval is not required to accept a payment that will drop an escrow account below its minimum.
  7. Select a status for this account from the Account Status list.
    The account status indicates what transactions can be performed with the account. Active and inactive accounts allow deposits, withdrawals, and adjustments, whereas only active accounts allow fund transfers and fee payments. No account transactions can be performed with a closed account.
    You can specify an account type in the Account Type field or add any notes about the account in the Description field.
  8. Click Save.
    Infor Public Sector saves the new escrow account and shows its number and a message that the account has been added. You can click the Escrow Account # link to view and edit information in the Escrow InfoViewer. You can start a new account from scratch or with all the current account’s information except its account number. Follow the current instructions to start a new account. You can also deposit funds into the account. Note that if the Contact Validation dialog box is displayed, you may have entered a new contact or entered the contact incorrectly.