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Handling Escrow Accounts

Hello, I recently received an escrow review statement in connection with my home mortgage. Historically I've not had a separate account set up in quicken to track the escrow account. The review statement states that there is a projected shortage for 2021 and asks that I pay this amount. How would I categorize this payment? Is it best to set up a separate account for the escrow so that it is just marked as a transfer?

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Ryan Hofrichter,

    I would suggest that you establish a "Mortgage Escrow" account in Quicken because it will allow you to track the various transactions - not only the payments for taxes and insurance, but also the interest earned on the account.  It is an extra step, but one that I think is worthwhile.

    Good luck!

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Ryan Hofrichter,

    I would suggest that you establish a "Mortgage Escrow" account in Quicken because it will allow you to track the various transactions - not only the payments for taxes and insurance, but also the interest earned on the account.  It is an extra step, but one that I think is worthwhile.

    Good luck!

    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Note that such Escrow account is an ASSET, probably a non-downloadable banking account of some kind.
    When your month Mtg payment transfers funds to the Escrow, that's a simple deposit into the Escrow.  When your Insurance or taxes are taken out of Escrow, THAT's the expense.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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