Account Reconciliations

 As auditors for insurance underwriters and accountants for other firms, our years of experience ensures the title agents, escrow disbursement offices, closing offices, real estate attorneys, and law firms have proper compliance with state and federal regulations.

We reconcile the escrow or trust account to bring your adjusted book balance, adjusted bank balance and trial balance in agreement. This process completes a valid 3-way reconciliation and accounts for every cent in the account. In addition, we notify our clients of any items of concern or lienable items that would cost our clients high out of pocket expense.

As of late, we have found other types of theft that is drawing concern nationally. Thieves are now targeting escrow and trust accounts, because they know of the high balances these accounts carry. It is extremely easy to move money in-and-out of these accounts. Conducting proper monthly 3-way reconciliations is the only way to ensure against possible defalcation, internal fraud, external fraud, negligence, mis-appropriations and Bank errors.

 

We are familiar with the majority of different closing and disbursement softwareS

 
 
 
 
 
 
 

If you utilize QuickBooks or Quicken to disburse your escrow files, it is especially important for these software programs to be set up properly from the beginning in order to run a Trial Balance as required under many State laws. We are prepared to aid you with setting up these, and all, software programs.

If you would like a free confidential consultation, please contact us.


Q: WHAT IS A 3-WAY RECONCILIATION?

A: A 3-way reconciliation brings the book balance, adjusted bank balance and Trial Balance into agreement and accounts for each cent. This answers the question of who’s money is in your escrow account.

Most “all-inclusive” softwares offer this type of accounting feature.

Q: I USE QUICKBOOKS / QUICKEN, CAN A 3-WAY RECONCILIATION BE PRODUCED?

A: Yes, however, QuickBooks and Quicken must be setup correctly in the beginning or the account will never be able to tie.

Q: I HAVE NEVER PRODUCED A 3-WAY RECONCILIATION BEFORE, WILL I BE ABLE TO NOW?

A: It depends. Since it is difficult to try to encompass all the different types of situations on this page, please contact us directly for our professional synopsis.

Q: I AM SEVERAL MONTHS BEHIND, CAN YOU CATCH ME UP AND MAINTAIN MY ACCOUNT?

A: In most cases yes. Before we begin, we would need to review the last 3 months of valid reconciliations produced from your software.

Q: OUR ACCOUNT IS AN INTEREST BEARING ACCOUNT (SWEEP, IOTA, IOLTA, ETC.), CAN YOU RECONCILE IT TO MEET OUR UNDERWRITER’S REQUIREMENTS?

A: Yes. As auditors for several underwriters, we know how to properly reconcile and account for interest bearing accounts.

Q: MY UNDERWRITER REQUIRES OUR RECONCILIATIONS ON A MONTHLY BASIS, CAN YOU SEND THEM TO THE UNDERWRITER DIRECTLY?

A: Yes, as an additional free service we will email your Underwriter your monthly reconciliations.

Q: I CURRENTLY HAVE MY ACCOUNTANT RECONCILE OUR ESCROW / TRUST ACCOUNT. HOW CAN I BE SURE THEY ARE A VALID 3-WAY RECONCILIATION?

A: Please contact us for a free confidential review of the reports your accountant gives you. At that point we will give you our professional opinion of said reports.

Q: I AM APPLYING TO A NEW UNDERWRITER AND THEY ARE REQUIRING THE LAST 3 MONTHS OF OUR RECONCILIATIONS. WE ARE BEHIND, HOW FAST CAN YOU CATCH US UP?

A: Unfortunately, it depends. Since it is difficult to try to encompass all the different types of situations on this page, please contact us directly for a possible date range.