I’m trying to properly split my mortgage payment into P&I and escrows for tax/insurance but I’m having trouble figuring out where and how this is all supposed to balance out. Currently I have my payment split into 4 categories, Principal/Interest/Tax/Ins. Tax and Insurance escrows are under transfers which means they aren’t showing up in my cashflow… gives me a bit of a false sense of what money is actually coming in every month since that money IS indeed leaving my bank account, but that’s a story for another time.
When the mortgage company pays my property taxes for I’m supposed to record an actual expense AND I’m supposed to record a positive under transfers>(property tax escrows) but on my dashboard I’m in the negative for the month this payment was made. Am I missing something? Shouldn’t it balance out or is that only for the cashflow report?
Also, when I enter my loan details on the property dashboard I have the boxes checked “includes tax/insurance” so I’ve entered the entire loan payment, however; since I’m splitting out the P&I in transactions and putting escrows into transfers my proforma is way off from the actuals. Should I only be putting the P&I payment when I enter the loan details even though I have the boxes checked for includes tax/ins?
I.E., payment is $1500, $1000 for P&I and $500 for escrows. On the transaction page I split the $1500 into 4 items which include $500/500 for P&I + $250/250 in “transfers” for tax/insurance escrows. When I enter the loan information and check the little boxes do I record the loan payment amount as $1500 or $1000? Then, when the bank pays my tax/insurance I record a tax payment of -$xxxx and a positive transfer to property tax escrow as $xxxx. Should there be a big dip on my graph for that month in the property dashboard?
Thanks!
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I have the same question. Help?
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I do not see an answer in this forum for to how to record the escrow portion of a mortgage payment. I assume that Stessa would handle something so common…
Found it. You record it as “Transfers → General Escrow Payment” (at least, I think that is right).