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For escrows of computer source code, see source code escrow. An escrow is: a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties, or.
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.