Escrow Accounting Procedures is designed to educate employees on proper escrow accounting procedures by teaching a model system of managerial practices designed to minimize risk in handling escrow funds.
The course is online/self study; students will complete four modules, read the Resource Guide, and complete a course quiz. The course can be completed in around 2 hours. Access to the course expires one year from the date of enrollment.
Escrow Accounting Procedures Course Modules:
- Escrow Agent: Define fiduciary and how it applies to escrow holders; understand the benefits of handling escrow transactions; and become familiar with basic stewardship issues surrounding escrow transactions.
- Escrow Accounting: Identify the basic elements of internal control; learn steps to limit risks from fraud, forgery, and unauthorized or improper wire transfers; and understand and appreciate the need for sound escrow accounting procedures.
- Good Managerial Practices: Learn the basic elements of general control procedures, including handling incoming and outgoing funds and wire transfers; become familiar with essential records and documents; understand the need for reconciling accounts and see examples of two-way and three-way reconciliations; and identify key duties to be segregated among staff.
- Specific Escrow Control Procedures: Learn procedures for controlling receipts, disbursements and escrow investment accounts; understand the need for legal assistance when dealing with constructions disbursements; and become familiar with escheat - what to look for and what is required.
Certificate of Completion
Upon successful completion of the course, a student will be able to download a certificate of course completion.
Members: $150 / Non-Members: $225