Handling escrow deposits and expenses paid out of escrow account

So I have a Wells Fargo Checking account and Wells Fargo Mortgage account. Each month, money is transferred (deducted) from checking and added to mortgage account. It ends up looking like "income" (green) into the Mortgage/loan account.

I'm looking for a way to properly split the transactions to be able to tell how much was for Mortgage&Rent vs how much went into escrow and was eventually used to pay for things like insurance or taxes.

Previously, I had split the transfer out of checking every month into Mortgage&Rent, Property Taxes, and Home Inusrance. Then I had split the transactions in the mortgage account into Loan Principal, Loan Interest and Loan Escrow.  But this meant that I was effectively estimating my tax and insurance payments as the money that's going into the escrow each month.

What I'd prefer to do is treat the money going into escrow as effectively a transfer for now and then recognize the expense when it's actually paid so that I can recognize the correct amount for Budgeting and Trends purposes. The problem with doing it this way is that all the transactions show up in my Mortgage account as 'income' rather than expenses so it doesn't show up correctly in my Budgets or Trends.

Any other recommendations on how to track Mortgage, Escrow and Inusrance/Tax expenses correctly across a checking and mortgage account?

Thanks!

No answers have been posted

More Actions

People come to Mint for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: