Mortgage Payments

Hello all,

I recently switched from Quicken, and I'm confused about how to pay my
mortgage payment electronically, while having it update my mortgage loan
account appropriately.

I am already set up to pay bills electronically, through my bank, and it
works fine. I have set up my home mortgage in MS Money 2004, and it seems
correct. Here's my dilemma:

If I go to the Bills & Deposits area, select my mortgage bill, and pay the
bill using the Pay Online button, it pays my bill electronically, and makes
and entry in my checking account register -- but it doesn't use the split
categories for principal, interest, insurance, taxes, etc. that I set up,
and it doesn't update my home mortgage loan account, deducting the
principal. Instead, it categorizes the entire payment amount to "Bills :
Mortgage Payment".

If I go to my Home Mortgage account, click the New button, select "Make a
regular loan payment", enter the payment date and account, and click OK, it
enters the transaction correctly in both my checking register (with all of
the proper split categories) and my home mortgage register (deducting the
proper amount of principal automatically) -- but it doesn't actually make
the electronic payment.

Once you set it up, this was fairly easy to do in Quicken, in one easy step.
I'm sure it must be similar in MS Money 2004, but I can't figure it out.

I would GREATLY appreciate any help that can be offered. My mortgage payment
is due on 5/1!!!

TIA,
Dean

Dick
Tue Apr 13 23:30:58 CDT 2004

You are on the right track.

You need to delete the Bills:Mortgage Payment transaction in scheduled bills
and deposits and add a Loan Payment:[name of loan acct] with additional
entries added to the details for the transfer to the escrow account for
insurance and taxes (or just insurance and tax entries if that's how you'd
rather do it). Then you'll need to set this new scheduled item up as an
epay. I know a whole lot less about that as I'm a curmudgeon on the subject
and pay my bills the old fashioned way. These two choices (Bills:Mortgage
vs. Loan Payment:[name of loan acct] and epay vs. not epay) should be
completely independent. How do you setup any other transaction to epay? This
should be more or less the same.
Assuming you have the electronic bill pay service setup, the article
"Convert a scheduled online payment to offline, and vice versa" in Money
Help might help.

"Dean" <deanDOTmajorATadelphiaDOTnet> wrote in message
news:OSs8wWdIEHA.2744@TK2MSFTNGP10.phx.gbl...
> Hello all,
>
> I recently switched from Quicken, and I'm confused about how to pay my
> mortgage payment electronically, while having it update my mortgage loan
> account appropriately.
>
> I am already set up to pay bills electronically, through my bank, and it
> works fine. I have set up my home mortgage in MS Money 2004, and it seems
> correct. Here's my dilemma:
>
> If I go to the Bills & Deposits area, select my mortgage bill, and pay the
> bill using the Pay Online button, it pays my bill electronically, and
makes
> and entry in my checking account register -- but it doesn't use the split
> categories for principal, interest, insurance, taxes, etc. that I set up,
> and it doesn't update my home mortgage loan account, deducting the
> principal. Instead, it categorizes the entire payment amount to "Bills :
> Mortgage Payment".
>
> If I go to my Home Mortgage account, click the New button, select "Make a
> regular loan payment", enter the payment date and account, and click OK,
it
> enters the transaction correctly in both my checking register (with all of
> the proper split categories) and my home mortgage register (deducting the
> proper amount of principal automatically) -- but it doesn't actually make
> the electronic payment.
>
> Once you set it up, this was fairly easy to do in Quicken, in one easy
step.
> I'm sure it must be similar in MS Money 2004, but I can't figure it out.
>
> I would GREATLY appreciate any help that can be offered. My mortgage
payment
> is due on 5/1!!!

Dean
Wed Apr 14 21:04:24 CDT 2004

Thanks, I didn't see those "special" things at the bottom of the category
list. Once I set that to "Loan Payment: Home Mortgage" while creating the
recurring bill, everything worked great.

Thanks for the help!


"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in
message news:u8y0EldIEHA.2720@TK2MSFTNGP11.phx.gbl...
> You are on the right track.
>
> You need to delete the Bills:Mortgage Payment transaction in scheduled
bills
> and deposits and add a Loan Payment:[name of loan acct] with additional
> entries added to the details for the transfer to the escrow account for
> insurance and taxes (or just insurance and tax entries if that's how you'd
> rather do it). Then you'll need to set this new scheduled item up as an
> epay. I know a whole lot less about that as I'm a curmudgeon on the
subject
> and pay my bills the old fashioned way. These two choices (Bills:Mortgage
> vs. Loan Payment:[name of loan acct] and epay vs. not epay) should be
> completely independent. How do you setup any other transaction to epay?
This
> should be more or less the same.
> Assuming you have the electronic bill pay service setup, the article
> "Convert a scheduled online payment to offline, and vice versa" in Money
> Help might help.
>
> "Dean" <deanDOTmajorATadelphiaDOTnet> wrote in message
> news:OSs8wWdIEHA.2744@TK2MSFTNGP10.phx.gbl...
> > Hello all,
> >
> > I recently switched from Quicken, and I'm confused about how to pay my
> > mortgage payment electronically, while having it update my mortgage loan
> > account appropriately.
> >
> > I am already set up to pay bills electronically, through my bank, and it
> > works fine. I have set up my home mortgage in MS Money 2004, and it
seems
> > correct. Here's my dilemma:
> >
> > If I go to the Bills & Deposits area, select my mortgage bill, and pay
the
> > bill using the Pay Online button, it pays my bill electronically, and
> makes
> > and entry in my checking account register -- but it doesn't use the
split
> > categories for principal, interest, insurance, taxes, etc. that I set
up,
> > and it doesn't update my home mortgage loan account, deducting the
> > principal. Instead, it categorizes the entire payment amount to "Bills :
> > Mortgage Payment".
> >
> > If I go to my Home Mortgage account, click the New button, select "Make
a
> > regular loan payment", enter the payment date and account, and click OK,
> it
> > enters the transaction correctly in both my checking register (with all
of
> > the proper split categories) and my home mortgage register (deducting
the
> > proper amount of principal automatically) -- but it doesn't actually
make
> > the electronic payment.
> >
> > Once you set it up, this was fairly easy to do in Quicken, in one easy
> step.
> > I'm sure it must be similar in MS Money 2004, but I can't figure it out.
> >
> > I would GREATLY appreciate any help that can be offered. My mortgage
> payment
> > is due on 5/1!!!
>
>

Dick
Wed Apr 14 23:29:09 CDT 2004

Glad you are good to go. Thanks for the feedback.

"Dean" <deanDOTmajorATadelphiaDOTnet> wrote in message
news:%23l3Zy3oIEHA.3988@tk2msftngp13.phx.gbl...
> Thanks, I didn't see those "special" things at the bottom of the category
> list. Once I set that to "Loan Payment: Home Mortgage" while creating the
> recurring bill, everything worked great.
>
> Thanks for the help!