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?
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?
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
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
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.