Mortgage payment County Tax incorrectly identified as extra payment

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kingwillieus
kingwillieus Member ✭
edited May 2022 in Registers & Transactions (Windows)
I have Quicken R39.23 Windows 10 Home
Until fairly recently, county tax included in mortgage payment was identified correctly.
Now county tax is identified as an extra payment, which causes the payoff date to be calculated incorrectly
How can this be fixed?

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  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited April 2022
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    Take a look at the payment transaction in the checking account and open the Split transaction dialog.
    AFAIK, the Split dialog should look like this:
    Money going into an escrow account for property tax or mortgage insurance should be listed in Split line #4.
    Line #3 must exist as a 2nd transfer to the mortgage account, even if $0.00
    Money paid by the mortgage company from escrow for tax or insurance cannot be part of the monthly loan payment transaction. It must be recorded separately as a withdrawal from the Escrow account register.
    The loan setup process should build a scheduled reminder for you with the correct splits. If payment details change you should always use the Edit Payment details process instead of manually updating the scheduled payment reminder.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    AND, at least for my mortgage, that Escrow amount changes almost every year ... usually incorrectly.  Which is why I HATE ESCROW ACCOUNTS.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • kingwillieus
    kingwillieus Member ✭
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    Thanks, that's it!
    What is expected by Quicken on what line must have recently changed.
    I've had the mortgage loan for almost 12 years and what is on what the line never changed.
    I moved the County Tax to line #5 and now the payoff date to be calculated correctly.
  • UKR
    UKR SuperUser ✭✭✭✭✭
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    kingwillieus said:
    Thanks, that's it!
    What is expected by Quicken on what line must have recently changed.
    I've had the mortgage loan for almost 12 years and what is on what the line never changed.
    I moved the County Tax to line #5 and now the payoff date to be calculated correctly.
    Well, yes, there was a change ... but "recently" here dates back to about 4 or 5 years when the programmers made a change. The line position in the Split is reflected by the graph and display of the payment details in the loan account register. Requiring fixed positions makes it easier for the programmers to account for the "what's what" in each split and show it in the correct line.

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