Mortgage payments not factoring interest and escrow
when i mark my transaction from my checking as a payment to my mortgage account the total paid is all showing as principle reduction. How can i make the payments reflect escrow and interest. I followed the guide on how to set up the mortgage account as I was paying on it prior to using MoneyDance and it all set up perfectly just can figure out how to make it reflect correctly
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1 Posted by dwg on 22 Sep, 2022 12:31 AM
If you have a loan account in Moneydance, Splits of payments are only handled automatically if a specialised reminder is created within the loan account. Moneydance cannot perform any calculations if you are just entering a transfer transaction in a bank account by entering the loan account as the category.
See the Knowledge Base article for more information on Loan Account reminders:
https://infinitekind.tenderapp.com/kb/loan-accounts/schedule-loan-payment-reminder
2 Posted by bvanmarr on 22 Sep, 2022 03:50 PM
Thank you! This helps, I just set up the reminder.
bvanmarr closed this discussion on 26 Sep, 2022 10:18 PM.