Dealing with Mortgage

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1

Searched and didn’t find or couldn’t understand previous responses.

I have two transactions for each mortgage payment. The first is the from account and the second is the to account.

|Date | Description | Category | Amount | Account | Account# | Institution | Full Description|

|— | — | — | — | — | — | — | —|

|3/28/2024 | JPMorgan Chase | Mortgage | -$2,000.00 | Checking | xxxx1234 | Capital One | JPMORGAN CHASE|

|3/28/2024 | Payment | Mortgage | $2,000.00 | Mortgage Loan | xxxx5678 | Chase | PAYMENT|

Category Mortgage is defined as:
Group: Debt
Type: Expense
Hide: No
Track: Savings

Do I set these transactions up as Expense or Transfer? Do I hide them?

I expect the payment to show up in the debt group of the Savings Budget tab. Setting both to category Mortage seems wrong as it always balances out to zero.

Sorry if I’m overthinking this.

2

Simplest is to categorize the debit from the checking account as a mortgage payment and the credit to the mortgage account as a transfer.

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3

I was thinking a transfer had to have a matching outflow and inflow but this is not the case?

I will try:

  • categorize the outgoing transaction as “mortgage payment” / expense
  • categorize the incoming transaction as “mortgage” / transfer
4

Nope, you don’t necessarily need to match transfers. There’s some good info here:

5

Transfers do not have to match. Accounting nerds would probably tell you that you’re violating some cardinal rule if they don’t match, but Tiller is yours to do with as you like. I have a few different transfers that don’t balance out, including my mortgage transfer (and retirement contributions from my employer when they go into my retirement account).

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