On 11/1/2023 5:05 PM, Anthony Della Cioppa wrote:
I set up two saving account, one taxes, one for insurance and my one for my
Lian. When that gets paid I pull it from the corresponding savings account.
Would that be wrong?
You can THINK of like a "savings account", an involuntary savings
account, similar to one you might have set up to deduct X form your
paycheck and have it automatically deposited in that savings account.
BUT -- why not learn to think of it more properly. Bank accounts aren't
the only sort of assets under "current assets" (liquid, and available
to you). However in this case, an escrow account isn't "liquid". You
can't take money of it until the mortgage is ended (you would then get
back any balance remaining). However you perhaps have other asset
accounts of this type. For example, you may have potential taxes
withheld. If so, why not create under assets "escrow accounts" and there
you could put the mortgage escrow account, federal tax withholding,
state income tax withholding, etc. Notice they are similar in that you
can't get money back (any remaining balance) until after your taxes have
been filed. So in the same sense, an "escrow" account.
Michael D Novack
PS -- BTW, these are not really gnucash questions. Not how do I do using
gnucash to keep the books but how do I do it no matter how I am keeping
standard double entry books.
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