Mortgage set-up

[Stephen J. Gowdy]

Hi Ernesto,
 	This probably doesn't do everything but what have is a;

Asset:Property:House	which has the value of the house
Liability:Mortgage	which is the loan and had a first transaction
 			of the value of the load from the above account

 	Then my payments go to the Mortgage account from my checking 
account.
 	Then every year there is a transfer from the Mortgage account to 
Expenses:Interest:Mortgage to account for the interest paid (my mortgage 
company only shows it annually anyway).
 	Perhaps what you need for your partner's contribution is a 
transfer from Income:Rent to the mortgage account too? Or have half the 
total value in the mortgage account (the bit you are responsible for as 
suggested by Jason)?

 						regards,

 						Stephen.

On Tue, 17 Jun 2008, Ernesto Reyes wrote:

> List,
>
> My partner and I are paying off a mortgage on a rental unit.  I can account
> for the expenses, utilities, property taxes, etc.  I also record the rental
> income as such.
>
> But how would I account for the money being paid towards the mortgage by my
> partner?
>
> Currently I don't track the mortgage on gnucash, I set-up a loan and apply
> payments to that account, so the balance on the account is negative and
> continues to grow.
>
> In order to track the mortgage, I would have to account for the portion
> being paid by someone else, that part of the money is not income.  So how
> would I code it?
>
> For example:
> payment to Bank for $1,800
>
> $900         debit my checking account
>        $100 Credit the mortgage loan
>        $800 Credit Mortgage Interest
>
> $900         debit partners part of payment
>        $100 Credit the mortgage loan
>        $800 Credit Mortgage Interest
>
> And the question is how do you account for the $900 paid by partner towards
> loan?  It can't be income.
>
>
> --
> Best Regards,
> Ernie
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