Create New Escrow Payee Code

These steps explain how to add a new escrow payee code for a new company billing.

  1. Launch Tool #249 Configure Escrow Payees.

  2. Click Add.

  3. In the Payee code field, enter a code (up to five letters or numbers) under which you would like the payee.

    • For example, ABC Insurance Company could be assigned the code "ABC" or "123."

  4. Enter the payee contact information (name, address, phone).

  5. In the Cushion # of months field, select the number of months according to your credit union policy.

  6. In the Disbursement method field, select how the member wants the escrow disbursed.

  7. In the Clearing G/L account field, enter the appropriate G/L account number.

  8. In the Bank ID field, enter the credit union ID only if you selected Check in the Disbursement method field.

  9. In the ACH routing # field, do not enter anything.

  10. Check the Automatically advance due date box only if the due date on all individual escrow payment records should be advanced one period automatically whenever a payment is posted to this payee.

  11. In the Sort disbursement list by field, select how you want the list of escrow accounts to be displayed when disbursing funds to this payee.

    • This should match whatever sort order will be used on the invoice or statement you receive from this payee.

  12. Click the forward arrow.

Learn More

Learn more about configuring escrow payees.