On 12/16/2021 5:58 PM, David T. via gnucash-user wrote:
I use something like Michael's approach with paychecks, but my simple
workaround is that I enter the correct amount deposited to my checking
account (that *is* what I'm most interested in!), using a previous pay
transaction as the template. Inevitably, IT DOES NOT BALANCE, and I
end up with an entry in Imbalance-USD, which I monitor for zero balance.
I am not sure what you mean by "inevitably it does not balance".
My workaround with my mortgage is to download the transaction history
for the mortgage once a year (more frequently, if I'm feeling
twitchy), and then I reconcile the MORTGAGE principle account. If the
transactions there are "N", then I know I need to check them for
accuracy.
For a mortgage, you are likely to have to reconcile once a year in any
case when the amount for the insurance/taxes escrow gets recalculated.
Note that this monthly amount is NOT 1/12 of the insurance and taxes. It
will be an amount such that the balance of the escrow account remains
positive as these monthly payments go in and on the due dates, tax
payments and insurance payments, etc, go out. That's why this amount the
mortgage holder bills you each month jumps around so much when they
recalculate it once a year. With that recalculation you get a statement
showing what was paid when so you can add the transactions for RE Tax
and Insurance.
Michael D Novack
PS: The escrow account should be an asset account in your books. Each
month the escrow portion of you mortgage payment goes in,m and when you
get the statement (for the escrow being held) you will be able to enter
the actual RE tax and insurance transactions going out.
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