This is Not a problem: "The problem is I do not get the mortgage statement for each of the properties each month so I was going to do one JE for each of the properties at the end of the year so I have that information in QB."
You know your payment amount. You can enter the Split according to an amortization schedule, or get the transaction details and running balance from the lender's website, perhaps Quarterly. You can split the checks later to refine how you entered the split, then reconcile the loan account to the lender's running balance and the Escrow account to the running balance.
"I thought it would be the easiest not getting all the statements like I need."
Until you realize the lender made an error and that is 8 months back, and now you have trouble getting it fixed. This is Real Money. You need to manage the flow timely enough to monitor everything.
"The accountant will only want totals from these properties"
And wants to see you managed your data properly, and reconciled accounts are Proof of data verification.
Or, post the entire payment with two splits. They notify you what is the escrow portion, so split that into Loan and Escrow. Later, you JE only Debit Interest Expense and Credit Liability (increasing it, as it runs too low when you didn't already split out Interest). Now reconcile the liability account (the mortgage).
Never use JE for Banking. That is the mistake for using QB.
"Thank you explaining all that! So basically I just need to create an account for the mortgage liability and escrow account?"
I thought you already have the Fixed asset and Mortgage Liability accounts; except yes, escrow is a Bank type. They have your Money and they spend your Money from it.
"Then write a check each month for each of the properties and split the check to go all three ways. Is that correct?"
If you pay one lender for multiple properties, you can list the breakdown on the one check's details. That's the point of Class tracking:
Loan account Prop A
Interest expense Prop A
Escrow Prop A
Do the same for Prop B.
If you have different lenders, you will need one Escrow bank for every place someone has Your Money. You need to manage that per their reporting.
