How to make a recurrent payment to substract from opening balance

MikeG

I have been trying without luck, I am new on this, came from Mint that was on my opinion a littlbe bit easier.

I had to create a manual account (Since PHH Mortgage cannot be added automatically) my goal is to create a manual opening Balance of $250000 and that create a monthly transaction that substract my monthly payments from the original $250000.

Can i havae some hlep on this? t hanks. the one i did that almost worked did added to the opening balance and did not substract.

DannyB

Hi @MikeG

Here is a support article that will give you info and how-to's for your situation.

Here are some screenshots setting up a manual account for your mortgage and making payments to it.

Set up the manual mortgage account:

I'm guessing you set up your mortgage via Setting > Accounts > +Account and that the account type you choose was Liability > Mortgage.

Entered balance on next screen. I left creation date set for today. I would have to experiment with setting this to an earlier date do there is historic data that needs to be added.

Once I clicked on "Continue" the account was created and added to my accounts list with a balance of $250,000.00… but you have already gotten this far I believe.

Sorry for the long screenshot but wanted to show the new account in my accounts list and it's at the bottom.

I entered a transaction in my checking account for a payment to the test mortgage account.

Note the Category = Transfer > Test Mortgage.

The "Transfer" part of this is not shown in the Category field of the transaction window, but when you click on the down arrow you can scroll to Transfer and then select "Test Mortage" or whatever you call your manual mortgage account (PHH?)

Note the "Exclude from" choices. Since this is a transfer it will but default be excluded from the Spending Plan and Reports. You can change this to however you want this transaction to be handled by Simplifi. I suspect you will want it included in both, but you can experiment with these choices or perhaps someone else in your situation can give you some pointers.

Also, if you want to track the various components of your payment you can split this transaction to reflect each component. You will need to have categories and perhaps another manual account (for your escrow account maybe?

Once I clicked on "Create" for the transaction this warning pops up.

Click on "Continue" and a transaction will be added to your manual mortgage account corresponding to the checking account transaction.

This is what the manual mortgage account shows after entering the new payment transaction.

Note since this is a transfer from checking to Test Mortgage the entry here is positive. I transferred money from checking and transferred money into Test Mortgage.

Also note that the balance showing at the top right of the window shows the reduction of my balance by $775.00.

I made a manual entry into my checking account for this test. This should all work the same for payment transactions downloaded from your bank. You can set this up as a recurring transfer in your Spending plan and Simplifi will track them for you except for now you will need to add any splits you want to add month-by-month.

Hope that helps.