I have a Schedule E Excel spreadsheet I started using to track all expenses as well as help out at time time. It has all of the categories from the IRS form. My questions is, when you're looking at your mortgage statement, would you enter your escrow fees under the "Insurance" section?
@Matt Moldenhauer good question. When you pay taxes and insurance into escrow, you are simply moving money from pocket A to pocket B. Think of escrow as your own reserve account. The money is still yours.
Because of this, you won't record insurance and taxes until they are actually paid out of escrow by the lender. So instead of seeing insurance and taxes as a monthly expense on your own books, you'll see them once or twice a year.
Du du du daaaaa! @Brandon Hall to the rescue! lol
Thank you. I actually downloaded it because of your advice from about a month ago.
This is what I'm using: http://www.fastbusinessplans.com/business-template...
I like it because I can record everything on a monthly basis and it gives me a better idea if i'm really making money. Do you have any opinions on it?