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Pam4116
Level 1

I have a mortgage loan that a portion of the payment goes to escrow for tax & ins. Should I set up a escrow acct in QBO and do journal entries when $ is disbursed?

 
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Best answer March 03, 2019

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john-pero
Community Champion

I have a mortgage loan that a portion of the payment goes to escrow for tax & ins. Should I set up a escrow acct in QBO and do journal entries when $ is disbursed?

Yes and no. You can create a current asset account and in QBO you are allowed to create an Expense from a current asset account in addition a bank type account. 

 

Or you can perform a JE although name reporting will not be correct

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john-pero
Community Champion

I have a mortgage loan that a portion of the payment goes to escrow for tax & ins. Should I set up a escrow acct in QBO and do journal entries when $ is disbursed?

Yes and no. You can create a current asset account and in QBO you are allowed to create an Expense from a current asset account in addition a bank type account. 

 

Or you can perform a JE although name reporting will not be correct

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