Mortgage set-up

[Bill Jacqmein]

The way I would work is to have a expense:partnerpaid and then just
expense transactions as normal.
What your partner is paying isnt really income.

Jason point about only shared assets is still the major side effect in
the assets/liabilities side. Income and Expenses should normalize out
with the transaction below.

Transactions

 $900         debit my checking account
        $100 Credit the mortgage loan
        $800 Credit Mortgage Interest

 $900         debit Expenses:partnerpaid
        $100 Credit the mortgage loan
        $800 Credit Mortgage Interest

On Tue, Jun 17, 2008 at 3:41 PM, Ernesto Reyes <ernesto at ernestoreyes.com> 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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