[GNC] Dealing with escrow account

[Edwin Booth]

Got it. Thanks!


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On Wednesday, November 1, 2023, 12:03 AM, Stephen M. Butler <kg7je at arrl.net> wrote:

I treat it like another asset account.  The monthly escrow amount goes 
in and when the escrow pays out it comes out as an expense.

So your monthly payment out of your checking account ends up in three 
places:
1.  Interest Expense.
2.  Liability reduction (the mortgage).
3.  Escrow asset account.

Then when you get the statements you can reconcile/verify the Interest 
Expense (YTD), the Mortgage balance, and the escrow balance with any 
related transactions.

On 10/31/23 21:03, Edwin Booth wrote:
> Hi. How do y’all deal with a mortgage escrow account? Specifically, each
> month I pay into the escrow account along with my monthly PMI payment. It
> is all an expense. But when the mortgage company pays out money from that
> escrow account (for taxe and insurance payments) how do you account for
> them in GnuCash? Or do you just wait until tax time and record it on your
> return w/o even putting into GC?
>
> Thanks, Edwin
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