How do i go about setting up a small company that takes in good faith deposits(Escrow) from customers for buying manufactured homes. I need to know how to set up the charts of accounts and how to post the payments to the company and the payouts once the home closes. This includes the monies the company received for this service?
Check with your state. There may be special things you have to do with the Escrow funds, like in a separate bank account maybe?
As for the books, the account for Deposits, would be set up as an Other Current Liability, until the product is delivered. Once the product is delivered, that would be moved to income.
To keep track of each piece of property, the use of the QuickBooks JOBS tool may save the unneccesary duplications in the chart accounts.
Not all funds that come out of the escrow account are income to your company. You may want to use the HUD-1 form to see the specific accounts you need to track (assuming that your company will be issuing a statement at closing).