Track escrow payments
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
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
Next, when defining the Scheduled Reminder direct these $250.00 to the Escrow account as a transfer.
Change line #4 in the Split to become a transfer to "[Escrow Withholdings]". Leave the other 3 lines unchanged.
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.0
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