Escrow Account

Dear M.Aravinda Kumar ! Use an Escrow account for money that you manage, but don't own. The money may be due to you in the future, or it may go to another party in the future. Escrow accounts are neither assets nor liabilities-- they are not included on your balance sheet at all. Use Escrow accounts for: Rental deposits Gift certificate and layaway funds Client money which you are managing temporarily Taxes that you have collected but not yet paid, that must be kept in an escrow account

what does escrow means ?

escrow means an instrument or a written agrement

Dear Friends, First of all, would you mind explain who is entitled to open such an account? What are the general pre requisites? Tthe procedure for opening an Escrow A/c. With regards,

Hi, In US market, Escrow a/c is required for payment of Property tax. From EMI of House Loan co is transfering that tax amount to Escrow a/c. This account is open only in case of House Loan

Dear Gadage, You are mentioning one of the utilities of the Escrow A/c. Please explain how the account in the Indian context? Please post your response.

Hellow to all,                                                                                                      

I want to work as a freelancer. i've seen some of the web sites about freelancing work . if i start working then how can i get my payment on internet.

some of the web sites mentioned about escrow account. Can i open any escrow account.