Mortgage Escrow

How do I set up an escrow account for my mortgage so I can keep track of moneys going in and out of that account and know when insurance, taxes, etc. are coming out.

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Your Escrow account (I have one also) is an ASSET (could be Banking) type account.
    As part of your mortgage payment from your checking account, one of the SPLIT lines would be the amount that you want sent to the Escrow.
    When your taxes, insurance, etc are paid  ...  you show that expense in the Escrow account.
    I, actually, use 2 split lines for Escrow in my payment.  One  for Taxes and one for Insurance.  Since they're paid at different times of the year, I use different TAGS on the Escrow lines in the payment to distinguish the 2 amounts.
    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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