Loan statement doesn't show escrow breakdown between insurance and property tax

Am I going to run into any issues down the road if I simply use the General Escrow category vs breaking it down into Insurance and Tax separately?

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@colehoff924 This is common as many lenders report a single escrow balance, rather than tracking two (or more) separate buckets. In terms of any possible “issues down the road,” you’ll want to check with a CPA directly as we cannot give tax advice. Hope that helps!

Although my mortgage statement lumps Insurance and Property Tax together as “Escrow”, I keep them separate in Stessa:
Transfers → Property Tax Escrow
Transfers → Insurance Escrow

Since I can easily log into my insurance account to see how much it is, I just divide the yearly insurance by 12 (months) and subtract it from the amount in the statement for property tax figure.

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I’m going to use this method, that way we have all our books squared away! Thanks for the tip!

I’m in this boat. My lender just shows me combined escrow payments for all categories as “escrow paid”.

However, I don’t know my tax bill until September. So how do I allocate the correct payment Jan-Aug? Insurance is earlier (May/June) but still have the same question.

It seems like I either have to wait until those expenses are billed to calculate and enter the divided amounts, or estimate to my best ability and risk correcting dozens of entries late in the year.

Would it not work to record general escrow payments monthly (transfers) and then record Taxes and Insurance when they are paid annually (expense/money-out)?

Just go to the counties website to find out the total tax bill for your property. Then divide that by 12 for your monthly Property Tax Escrow. Same for insurance. Log into your insurance companies website to get the total.