Most municipalities and insurance companies send copies of the bills to you
saying that the mortgage company is set to pay them. You can enter them then
and when you get the annual statement from the mortgage company, it should
tell you stuff you already recorded.

"jmoeller18" <jmoeller18[at]gmail.com> wrote in message
news:1109438458.784221.147730[at]z14g2000cwz.googlegroups.com...
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thanks for your ideas

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aha!

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ok, like from the annual escrow account disclosure statement. i will
hand enter the from escrow transactions so i understand what this
account is doing

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thanks for your ideas

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I'll leave this for another time

Comments inline.
"jmoeller18" <jmoeller18[at]gmail.com> wrote in message
news:1109432858.830834.222370[at]g14g2000cwa.googlegroups.com...
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I recommend setting up a Cash account for the escrow and managing the
expense it pays. You setup the cash account and then you add a line to the
details of the scheduled loan payments for Transfer:[name of the account you
setup]. As with many similar things in Money, if this choice really does
exist but is not offered int he pull downs, type it out. Then when you see
an insurance bill or a tax bill, enter the payment in the escrow account as
your bank will. This way you track what they should be doing. You can also
just expense the escrow portion, but then you will have no place to record
the expense it actually covers.

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That sound more or less right.

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I suspect you are correct. Haven't tried it in M05.

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I'm not really sure what a "home account" is, but I suspect this is just
another case of Money offering lots of terminology for essentially the exact
same kind of thing because Most Users Prefer(tm) them calling these things
by names they recognize even if the reality is simpler. Asset account is the
best bet. But understand what an Asset account is for: it's just a way to
track the value of your home to offset the liability of the mortgage to give
good net worth calculation. A side benefit is that they can be used to track
cost basis.

after starting over by deleting the current mortgage loan and any
related scheduled transactions:

I created a new loan account for a mortgage, that is paid from my
checking account via a scheduled transaction
which is split into
principal payment (calculated)
interest expense (calculated)
principal payment (additional)
and a new expense category called "escrow transfer"

i believe you are suggesting the escrow transfer is an actual transfer
not a new expense category but this isn't available to me.
is there a way to set this up?

notes on cleanup - going backward:
going forward i will match the scheduled transaction to the imported
bank statement so there is only one checking account transaction
listed. I will have to manually add registry entries in the scheduled
transaction for the previous loan payments and like i did for my
doubled paycheck transactions, i will void or delete the imported
transaction in favor of the registry entry. and now i am guessing i can
just delete the transactions that i asked for within the mortgage
statement

note on creating mortgage loan account:
in M05, when i create an account of the "other" category, i can choose
loan (mortgage etc.) or i can choose mortgage. I am assuming it is
setup this way for maximum flexibility and it doesn't matter if i
choose loan or mortgage type of other, i get the same thing in the end.

note on asset:
during the loan account setup i was given the option of adding an
"asset" or a "home account". i choose asset because it was the first
choice. upon reviewing the "other" account category. i see there is a
home account that looks like it is a better fit for a home account.
also there is a "home equity line of credit".

For payments going forward, Loan Payment:[name of mortgage Loan Account] is
the transaction Special Category you want. (Loan Payment is another one of
these specific kinds of splits like Paycheck.) Loan Payment is a Special
Category that combines a Principal Transfer:[name of mortgage Loan Account]
with an interest expense in a split. Both are calculated based on the loan
account's specifics and balance. You can also add a Transfer:[name of escrow
cash account] to the Loan Payment:[name of mortgage Loan Account] splits.
This answers that part of the question.

e.g.,
scheduled payment will show Loan Payment:First Mortgage $810 with details:
<calculated> Principal Transfer:First Mortgage
<calculated> Interest Expense:Mortgage Interest
$90 Transfer:BigBank Escrow

for a mortgage that was defined with a $720 P+I payment and with interest
specified to be categorized as Interest Expense:Mortgage Interest

A Loan Payment has nothing in particular to do with an Asset Account. That's
not to say that you shouldn't have an Asset Account linked to the loan, just
that the payments have little to do with it.

You can't Transfer directly to a Loan Account. You must use the Loan
Payment. That's why the Loan Account is not shown as a target for your
Transfer. You can Transfer to the Asset Account. Circumstances where you
might want to do this are typically when you want to add an improvement to
your cost basis: Add a garage? Don't expense--e.g., Housing:Maintenance--
it, Transfer the cost to the Asset Account.

The reason the previous transactions are already entered is probably that
you created the loan account and it is a loan that got originated a long
time ago or it is a loan the you told Money had already had payments made.
Money didn't have a clue where the payments came from, so it just put them
in as having come from nowhere in particular.

Hope this helps. It assumes Advanced Register.

"jmoeller18" <jmoeller18[at]gmail.com> wrote in message
news:1109423447.591739.13420[at]g14g2000cwa.googlegroups.com...
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M05 Std
how to move mortgage from checking account into mortgage, escrow acct?

in order to categorize all of my checking account transactions, i am
forced to learn about mortgages

so i created a mortgage account along with the suggested asset account
(the value of the house)

going back to checking account, i took what used to be the incorrectly
designated deposit into a payee named in the mortage banks honor, and
changed it to a transfer account.

the transfer "to" listing did not list my mortgage account, it only
listed the asset account. this didn't makes sense to me and now money
refused to let me change the transaction back to deposit. Not to
mention that now a large payment is increasing the asset value. i'd
like to understand this asset/house thing associated with the mortgage,
but that is another story.

so i deleted the asset account as it didn't make any sense to me and
now i can change the transaction back to deposit.

after reading the posts on mortgages, i created a cash account for my
escrow account.

i am assuming that i want to take that mortgage checking transaction
and do a split transfer into both accounts much in the same way the
paycheck concept works.

however:
A. i see that the mortgage account already has a transaction listed for
each payment and i would need to sync this with the checking account
transaction

B. i see that the "to" listing on the checking account transfer does
include the escrow account and it does NOT include the mortgage account

C. i don't see that you can "split" transaction destinations from a
checking account transaction categorized as a transfer


ideas:

to fix the mortgage and the escrow accounts, i could create a scheduled
transaction as a transfer for the mortgage payment, the additional
mortgage payment we make each month, and the escrow payment. however i
still have a transaction moving out of the checking account and this
would create a double "out" payment. Although the scheduled transaction
transfer does allow me to see the mortgage account in the "to" listing.

in the checking account i could organize the automatic mortgage payment
as a split deposit so as to classify the transactions for the budget
and the scheduled transaction would keep the other accounts even.
Although i would still have that double "out" payment when the
scheduled transaction would register the transfers in the checking
acount.

please advise: