Setting Up a mortgage with impound account

I created a file under Property and Debt for my house payment. As I was going through the process, it allowed me to enter my interest rate, and existing balance, but I saw no area in all of the drop-downs for entering an impound account. We created this to handle homeowners insurance and property tax that gets paid monthly. Can this be set up with an impound account deduction and if so where is it?

Comments

  • UKRUKR SuperUser ✭✭✭✭✭
    An impound or escrow account needs to be created separately, outside of the loan setup process and preferably before you start working on the loan account. You can set up this impound account as either Checking account or an Other Asset account.
    When it comes to setting up the loan and its scheduled reminder for the monthly payments you create one transfer entry in the dialog for the monthly impound amount.
    One of the setup dialogs looks like this:
    The total monthly impound amount goes into the "Other" field.
    When setting up the Scheduled Reminder, edit the Split transaction dialog of the reminder. Change line 4 to point to the impound account name, enclosed in [square brackets], similar to what is shown below. Do not change lines 1 - 3!
    That should take care of getting money posted to the impound account within Quicken.
    All the above assumes that your impound account is maintained by the mortgage company and your total payment amount sent to the mortgage company includes the impound amount.
    When taxes or home insurance are paid by the mortgage company, just record payment transactions to come out of the impound account. Use reminders so you won't forget.
  • SherlockSherlock SuperUser ✭✭✭✭✭
    We may create the impound account separately and specify the amount as Other in the Monthly Payment:



    And to transfer funds the impound account, replace the Loan Payment category in the loan payment reminder or memorized payee:


    Quicken user since 1997
    Premier on Windows 10
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