How To Track Escrow Deposits And Property Tax Payments

jackf4249

I have a separate checking account set up where I transfer money into it every month in order to pay property taxes when they become due. My problem is I would like to set it up in my budget so they are accounted for in the same budget line, ie money in on a monthly basis and money out semi annually when property taxes are paid.

Any help out there on how to do this.

garysmith87

If you have Quicken Mac subscription, the Budget module allows for transfers in or out now.  Just EDIT the categories for your budget...and scroll all the way to the bottom of the list.  Include the account you send your property taxes to.  That account should be the same as recorded in your checking account (either as a separate transaction you make or as part of a split for your mortgage payment).

jackf4249

Yes, I see how that would handle the transfer of monies in and out of the account, but it does not account for accounting for in my budget for payments to and out of an escrow account for property tax deposits and withdrawals