Mortgage Tracking (Principal / Interest /Escrow)

tmaleski

I started to use the mortgage tracking tool but was wondering how to enter items like interest and escrow information. It would be great to be about to report all payments.

When I add escrow information it throws off the loan balance.

it would be great if there was a column for non loan calculating tracking.

tmaleski

I just saw this in the ideas section:
https://community.quicken.com/discussion/7865698/attachments-to-accounts-and-transactions

Vote if you think we need this feature

NotACPA

A payment to an Escrow account would be just another split line in your mortgage payment.  See my image.

NOTE that I actually have 2 transfers, with different Tags, going to my Escrow account.  That enables me to track the 2 balances separately in one Escrow account.

Further note that the Escrow account is NOT the Loan account (which is a liability).  The Escrow is an asset account of some type (of your creation). I use an "Other Asset" type account, but if you receive Interest on the amount in your Escrow a Savings account would work also.

Tom Young

When you set up the loan using, presumably, the Quicken loan "wizard", on the "Loan Details" page of the wizard there's a line for principal, a line for interest and an line called "Other" where you can put your regular escrow payment and indicate how you want that amount accounted for.  Go to the loan and edit the monthly payment and you can get to that page.

tmaleski

Oh, I see what I'm doing wrong. I was going into the Mortgage account and adding in the information there. What I should be doing is splitting my payment in the banking account.

For my bad method, I split the information and then added a negative charge to offset so only the principal charge is there.

My next issue is that I keep my files in two year spans to keep file size down. This loan spans three files. I will need to rethink this going forward.

Thanks for the enlightenment.

q_lurker

My next issue is that I keep my files in two year spans to keep file size down. This loan spans three files. I will need to rethink this going forward.

IMO, that is more trouble than it is worth.  I have close to 30 years of data in one file.  File size is not the issue you seem to think it might be.    

Frankx

Hi @tmaleski,

q_lurker is correct, not only is file size not an issue for virtually all Quicken users, but you must be doing an awful lot of extra work to start new accounts every two years.

Have you had file issues in the past?  Perhaps someone here can help you get to the bottom of those, and save you some work while keeping your single Quicken data file in good working order.

Frankx

tmaleski

I had a file that was over 1.2gb and after that I tried to keep them around 500mb which is about 2 years.

Frankx

1.2gb - WOW!!!  Are you using "attachments" in Quicken?  If not why is your file that large?

Frankx

tmaleski

Yes, I use attachments for 6+ yrs. they need to use links to the attachments instead embedding to the file.

Frankx

Okay, well that explains the file size.  Take care.

Frankx

NotACPA

Since Q attachments can ONLY be viewed from within Q ... I'd suggest that you use an Extermal file/image manager.

Thus, no Q file bloat, and you can view the images without involving Q.

Just be sure to date your images the same as the Q transactions and it's helpful you you create a directory structure in the image manager that mimics your Q categories.

tmaleski

We are totally off topic now but still good. There are benefits & challenges to both methods.
I like being able to review using the app and the quick access to the attachment.

Maybe Q should have the option of a file link as well as the attachment options.

tmaleski

I just saw this in the ideas section:
https://community.quicken.com/discussion/7865698/attachments-to-accounts-and-transactions

Vote if you think we need this feature

NotACPA

"I like being able to review using the app and the quick access to the attachment."

That's why, personally, I don't use attachments ... and instead keep several YTD folders in the cabinet to my immediate right.

• YTD Credit card statements
• YTD Income statements
• YTD Bank statements,
• YTD Medical expenses
• YTD Other expenses
• UPCOMING items (including recent credit card receipts)

quick123

Just out of curiocity, why would you want to save all the statements. Even if you want to save it, cannot you delete the older, say past 3-5 years?