@Matt83yl 

I provided the original "solution" and it probably needs clarification. I misunderstood the holdback.  So, what you're saying is the lender books the mortgage at $618K at closing ($467K for the property + $151K holdback), correct?  If that's the case, the $151K holdback should be recorded to an asset account called 'Escrow Holdback' or something similar.  When the holdback is used to pay for improvements, transfer the funds in QB to a bank Clearing Account (set one up if you don't have one) and then use that account to pay bills, write checks, etc.  That will reduce the holdback by the amount transferred to the Clearing Account which will zero out when you pay the bills, write checks, etc. 

If the bank books the mortgage as $467K at closing and then increases the balance when releasing the holdback, then deposit the funds to the clearing account and assign it to the loan payable (mortgage) when the funds are released.  Then, pay the bills or write checks out of the clearing account.