Feature Update_ Escrow Accounts for Financial Transactions.mp4

Description:

An Alvys Escrow account functions similarly to a savings account, involving deductions in anticipation of upcoming expenses. Its purpose is to reserve a portion of earnings for company drivers or owner-operators, covering various anticipated costs associated with their trucking operations.

• These expenses may include :

Deposits and withdrawals can be made for company drivers and owner-operators into escrow accounts, either on a scheduled basis or as one-time deductions from their payroll. The system offers flexibility in scheduling these transactions, allowing users to choose based on a calendar, a set number of occurrences, or other customizable parameters.

In instances where one-time expenses are incurred, the system allows for the splitting of expenses, enabling the user to decide whether to deduct the expense from the payroll, the escrow account, or a combination of both.

Escrow account balances are monitored, with support for minimum and maximum limits. If the balance falls below the minimum, the system alerts the user to create a deposit and replenish the balance. On the other hand, if the balance exceeds the maximum, scheduled deposits are modified accordingly.

How it works

Create an Escrow Account

1. To create an escrow account, the user must first navigate to a company driver or owner/operator profile.
2. Next, select the "Escrow Account" tab and select the "Add Escrow Account" button.

1. Fill out the fields displayed in the "Add Escrow Account" pop-up and click the "Save" button.

<aside> 💡 Escrow Accounts can be edited by selecting the pen icon (only the Min Balance and Max Balance fields can be edited) and deleted by selecting the bin icon .

</aside>

Add a One-Time Deposit to/Withdrawal from an Existing Escrow Account

1. To create a one-time escrow deposit/withdrawal, the user must first navigate to a company driver or owner/operator profile.
2. Select the “Deductions” tab and click the “Add Deduction” button.