How to setup loan tool to split payment into mortgage payment, escrow, and interest
Mizzoujohn
Member ✭
I used mortgage loan set up tool and it splits payment to mortgage acct, escrow, and interest but only the interest shows as a monthly expense. I would also like to have mortgage payment and escrow show up as monthly expense.
0
Best Answer
-
if you want everything to be an expense, then delete the mortgage loan setup.
otherwise,
1) the principle portion of the mortgage payment reduces your liability - it is not an expense
2) the escrow is an asset and you can reflect the expense by reducing the escrow balance once you are informed that the mortgage servicer had paid your taxes and / or paid your insurance premiums,
you can't have it both ways (i.e. you can't set up the mortgage and also have it reflected as an expense)0
Answers
-
if you want everything to be an expense, then delete the mortgage loan setup.
otherwise,
1) the principle portion of the mortgage payment reduces your liability - it is not an expense
2) the escrow is an asset and you can reflect the expense by reducing the escrow balance once you are informed that the mortgage servicer had paid your taxes and / or paid your insurance premiums,
you can't have it both ways (i.e. you can't set up the mortgage and also have it reflected as an expense)0 -
I assume the mortgage is set up as a liability account in Quicken and the escrow is another account.
Customize your spending report to exclude those accounts, and next to Transfers on the Advanced customization tab, select Exclude internal. That should make the principal and escrow payments show as expenses.QWin Premier subscription0
This discussion has been closed.