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Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage).
When you set up the Mortgage Account, you should have a Fixed Asset which is the Property and you show the Amount that you purchased for that Property. You will have a Loan Account, the Mortgage Loan as a Loan or Long-Term Liability Account. You will have a Bank Account called Escrow Account. And, you will have an Expense Account called Interest Expense. When you make a Mortgage payment, The Check will show the total Amount of the payment.