Track Property Tax and Other Items Included in a Loan Payment
40 people found this helpful
If you have already set up your mortgage in Quicken, do the following:
- Click on Net Worth on the top menu bar, then select Property & Debt Accounts, then choose the appropriate loan.
- Click on the Account Actions drop-down menu in the upper right corner, then choose Loan Details.
- Click Edit Payments.
- In the Edit Loan Payment dialog, click Edit.
- In the Split Transaction dialog, enter all of the items you'd like to track.
- Track items like insurance or interest by using an expense category; for example, Insurance or Insurance:Fire.
- Track the money that your mortgage company sets aside for your property tax payments by either creating a category like Property Tax or Tax:Property, or by using an asset account. If you choose to enter the property tax amounts as transfers to your Escrow account, you get the advantage of being able to check your Escrow account balance quickly. When your mortgage company makes a payment for you, remember to enter the payment amount into your asset account to decrease the balance.
- Click OK.
- Click OK again to close the Edit Loan Payment dialog.