The correct journal entry for a tax custodial fund to record tax levies on behalf of other governments is Taxes Receivable for Other Governments as well as Additional - Tax Collections for Other Governments.
A custodial fund refers to a fund held by the Servicer with respect to the related mortgage loans, including all interest as well as principal funds, and any other funds due to the investor, maintained by servicer relating to the mortgage loans.
A custodial account are beneficial because there are no rules on how the money is spent, there are no limits on how much you can invest and investment options are plentiful as well.
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