Does setting up a loan through the loaner get duplicated

Joanne B

My question is about the impact on L Planned Sending when connect directly to third-party’s managing loans. I set up my mortgager as an account. My bank is also a checking account that has the mortgage payment flowing through it. So now if I look at my list of bills, I have a bill listed in my checking account and one listed under my mortgager account. am I setting this up the right way? I think it may be duplicating the transaction, I was thinking the value to setting up the mortgager is that then I know how much principal I have left on the loan. This is a nice to have but if it’s messing up my calculations, then it’s not worth it.

UrsulaA

Yes, you are duplicating the transaction.

Recurring bill/transfer should be set via either the mortgage provider or the checking account. To see the bill in the spending plan, uncheck one side of the transfer. If you have both accounts (bank and mortgage) set up in Simplifi, payments to the mortgage are probably coming up as transfers. You probably want to show the money out part of the transfer in the spending plan by unchecking the money out box.

https://help.simplifimoney.com/en/articles/5142302-how-credit-card-payments-and-transfers-are-handled-in-the-spending-plan