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:
- – Insurance
- – Equipment
- – Security Deposit
- – General
- – Tolls
- – Plates
- – 2290 Fees
- – Maintenance
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
Add a One-Time Deposit to/Withdrawal from an Existing Escrow Account
Add a Scheduled Deposit to/Withdrawal from an Existing Escrow Account
Split a One time Escrow Deduction
The split can be done by selecting the ‘+’ icon and creating a one-time deduction, then selecting the split icon beside the deduction created, or the user can choose the “split” checkbox when creating the one-time deduction.
Option 1: Creating the one-time deduction
After creating the one-time deduction, a split icon will appear. From there, the user can split the deduction.