Cant set up mortgage account that categorizes principal, interest and escrow properly
counter44 Member ✭
edited March 2022 in Registers & Transactions (Windows)
Under Payment Details tab of my new mortgage account, the Monthly Payment categories are properly identified (Principal, Interest, RE taxes) with the correct breakout. When I click on the split symbol for the first payment the correct split amounts are identified for the categories I identified. But the entire transaction total is incorrectly applied only to the principal. What am I doing wrong?
Within that split payment transaction (in your checking account)The 1st split line should be a transfer to your loan account. This will reduce the loan's balanceThe 2nd split line should be to your Interest expense category.The 3rd split line should be a transfer to your Escrow account. The taxes are NOT paid with your mortgage, they're only paid when your bank (or the taxing authority) takes them from the escrow account.The transfers, above, are recorded by putting the name of the receiving account in square brackets. E.G., [Escrow].How does your payment compare to this?Q user since DOS version 5
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