Ability to account for mortgage activity - Suggestion for enhancement

johnodrake Member ✭✭✭✭
Currently, the mortgage management allows Principal, Interest and "Other"
Since other often encompasses more than one category, it is difficult to account for the breakdown in the "Other" category. 

Suggest that the "other" category be able to have a split like other payments do.  Common categories would be Taxes, Insurance and Escrow Shortage make up.  As it exists now, these categories are lumped together and not distributed to the appropriate budget categories.
1 votes

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  • UKR
    UKR SuperUser ✭✭✭✭✭
    The activities you mentioned are normally recorded in a separate Escrow account maintained by the mortgage company. Together with your monthly mortgage payment you also submit a certain amount to be deposited into Escrow.
    In Quicken this is handled by setting up an offline Escrow account and making a transfer to Escrow with every payment. Your monthly payment Split Transaction Detail will then look like this:
    The escrow transfer MUST be recorded on line #4 of the Split. Line #3 is for recording additional principal amounts or 0.00 (and must exist as a transfer to the mortgage account).
    No other details should ever be entered in this transaction.
    Escrow payments deducted from (or credits deposited into) the Escrow account, e.g., insurance, taxes, interest on escrow, overage/underage, are recorded as separate transactions directly in the Escrow register where you can categorize the transactions as needed.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    The restriction on Line 3 of the split being required as "Additional Principal" no longer applies, and hasn't for several releases.
    Also, there's nothing preventing the user from having "Escrow", or any other line repeated in the split.  My transfer to Escrow appears 3 times in my mortgage payment, with differing Tags, so that I can track multiple things in my Escrow account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • johnodrake
    johnodrake Member ✭✭✭✭
    My first Quicken was Ver 3 for Windows 3.1.  My suggestion refers to the Mortgage account where you edit the monthly payment under loan details.