Track escrow payments

ericjon s
ericjon s Member ✭
edited April 28 in Budgeting and Planning Tools (Windows)

I would like to track escrow payments in a seprate accout but I dont see the split option

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  • UKR
    UKR SuperUser ✭✭✭✭✭

    Before setting up the loan and its payment schedule, create an offline Asset account, e.g. "Escrow Withholdings".
    Then, when setting up the loan, direct the total amount of escrow withheld to the "Other" field, in this example $250.00

    image.png

    Next, when defining the Scheduled Reminder direct these $250.00 to the Escrow account as a transfer.

    image.png

    Change line #4 in the Split to become a transfer to "[Escrow Withholdings]". Leave the other 3 lines unchanged.
    All done.

    When the mortgage company makes payments for insurance or taxes or pays interest for the escrow balance, record these transactions in the escrow account register.

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