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smbeck
Level 1

Mortgage Escrow may have been set up wrong, now what?

Please read entirely before replying.    

I need to report Interest Earned on a Mortgage Escrow. I have no account set up as interest earned AND the Escrow was set up as an Expense account.    Maybe the Escrow account was set up incorrectly to begin with as I see no way to track how much is being held by the mortgage company in escrow ...Is that normal ?

The Escrow Account Type is "Expenses" and Detail Type is "Unapplied Cash Bill Payment"  (*I am attaching a screenshot).     

I also wanted to attach screenshot of how a mortgage payment is normally entered so you have a full picture in order to advise, but it appears only one can be uploaded. 

Solved
Best answer April 08, 2021

Best Answers
JasroV
QuickBooks Team

Mortgage Escrow may have been set up wrong, now what?

Good day to you, @smbeck.

 

I appreciate you for taking the time in sharing your issue with us. I'd like to help and get this sorted out right away. Thus, I’d recommend consulting with your accountant for further guidance in setting up your Mortgage account. This way, we can ensure your accounts are properly recorded.

 

Your accountant can advise you on which account to use and how much to be held by your mortgage company. If you’re not affiliated with one, you can visit our ProAdvisor page and look for one from there.

 

Moreover, you might also want to check this article for reference in setting up your mortgage account. Though the steps are designed for QuickBooks Desktop, the process of this applies to QuickBooks Online (QBO): Set up a mortgage.

 

Let me know by leaving a reply in this thread if you have other concerns or questions about setting up your mortgage account. I’ll be around to help you any time. Keep safe and stay well!

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1 Comment 1
JasroV
QuickBooks Team

Mortgage Escrow may have been set up wrong, now what?

Good day to you, @smbeck.

 

I appreciate you for taking the time in sharing your issue with us. I'd like to help and get this sorted out right away. Thus, I’d recommend consulting with your accountant for further guidance in setting up your Mortgage account. This way, we can ensure your accounts are properly recorded.

 

Your accountant can advise you on which account to use and how much to be held by your mortgage company. If you’re not affiliated with one, you can visit our ProAdvisor page and look for one from there.

 

Moreover, you might also want to check this article for reference in setting up your mortgage account. Though the steps are designed for QuickBooks Desktop, the process of this applies to QuickBooks Online (QBO): Set up a mortgage.

 

Let me know by leaving a reply in this thread if you have other concerns or questions about setting up your mortgage account. I’ll be around to help you any time. Keep safe and stay well!

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