Record the money when it is promised
The earnest money clock starts with the contract term, not with the day someone remembers to check the bank. At intake, note the amount, the required deposit date, the holder, the delivery method, and the party responsible for sending it.
Create a ledger row for each deposit rather than a single note on the file. A transaction can have an initial deposit, an additional deposit after inspection, and a refund, and each movement needs its own date and evidence.
Match the receipt to the contract
Compare the amount received with the amount required and the date received with the date required. A short deposit, a late deposit, or a deposit sent to the wrong holder is an exception that the agent and closing manager need to see promptly.
Attach the bank receipt or escrow acknowledgement, not a screenshot of a payment app confirmation alone. The holder's record is what supports the credit at closing.
Keep custody and accounting separate
The assistant can prepare the ledger, request receipts, and flag missing deposits. The assistant should not move funds, authorize a release, or decide which party is entitled to a disputed deposit.
When a deposit is held by a brokerage or law firm rather than the title company, record the holder and the instructions for transferring the credit to closing. A missing transfer is not solved by adding the amount to the settlement statement without a matching receipt.
Track refunds and reallocations
If a deposit is refunded or applied differently, record the request, the approval, the date sent, and the recipient. Keep the original deposit row intact and add a linked movement rather than editing history.
Disputes over earnest money often turn on who said what and when. A dated ledger with the governing contract clause is more useful than a narrative written after the disagreement.
Reconcile at closing
Before disbursement, confirm that every deposit on the ledger is either credited on the settlement statement or accounted for as returned. Compare the escrow holder's figure with the ledger, and note any difference before the file closes.
If a deposit was never received, the closing manager needs to know before the signing, not after. A last-minute discovery can change the cash to close and the parties' willingness to proceed.
Audit the ledger monthly
Sample files for deposits with no receipt, receipts with no ledger entry, and credits that do not match the amount received. Report the count against the number of files with deposits that month.
The ledger is healthy when a reviewer can follow one dollar from contract term to escrow credit without asking anyone to explain a gap.
Questions
Who should hold earnest money?
The contract and state practice determine the holder. The assistant records the designated holder and the delivery instructions; the closing manager resolves any conflict.
Is a payment app screenshot enough evidence?
It shows a transfer was initiated. The file also needs the receiving holder's acknowledgement or bank record showing the funds arrived.
What if the deposit arrives after the contract deadline?
Flag it immediately with the date received and the contract term. The agents and closing manager decide the consequence; the assistant does not waive or extend the deadline.