SDL Desktop - Escrow and Bond Set Up

This guide is for SDL Desktop users (Board Secretaries/Finance staff) who set up and manage escrow or bond accounts tied to applications. Follow these steps when you need to create a new escrow account, record deposits and payments, add consultant deductions, set fund-level warnings, and generate funds letters or reports.

Creating an Escrow Account

1. Click the Computer Monitor icon, then select New.
2. On the Location tab, verify the property information and click Link.
3. On the General tab, fill in the Account Information, then click Get Next Application Number.
4. Set the Manager of Account to the Board Secretary.
5. Choose whether this is an Escrow or Bonding account.
6. Fill out the remaining fields as needed, then set the Account Status to Active.
7. Enter the account holder's information, including Tax Payer ID, Account Number, and starting funds. (If you don't have the actual account number from Finance yet, enter a placeholder value for now.)
8. Under Fund Level Warning, choose how you want to track the fund level — either a flat amount or a percentage (usually 25%). You can only select one method, not both.
9. Go to the Applicant tab and enter the Account Primary Contact Information, the Finance Officer (found under Escrow Options in Tasks), and the Contractor information.
10. Go to the Deposit tab and click New.
11. Set the Deposit Type to Deposit and enter the amount in the deposit total.
12. Click Payment to process the payment transaction, then click Show Receipt.
13. Return to the Deposit tab and confirm that the date sent to Finance and the paid date are both filled in.
14. Select Date Paid at the bottom, check it off, and click OK.
15. Review the Notes and Related tabs before closing out.

Processing Payments on an Escrow Account

1. Go to the Escrow tab, click the Computer icon, and open the account.
2. Go to the Consultant tab and click New.
3. Fill in the contractor's information (this will also add them to Manage Professionals).
4. Update the Deduction Status with the relevant dates.
5. If applicable, select Deduction is Bulk Rate, then enter the invoice number, date, and amount.
6. Tip: Use the "tie" icon to start a new deduction.

Sending a Funds Request Letter

1. Enter the Request Amount and Due Date.
2. Go to Tasks > Escrow Options and select Funds Letter to generate and send it.

Reviewing Activity

• Use the Activity & User Report to review account history as needed.