Mortgage set-up

[Ernesto Reyes]

Thanks for the good advice. I am implementing Bill's suggestion.

On Wed, Jun 18, 2008 at 7:47 AM, Bill Jacqmein <wrjacqmein at gmail.com> wrote:

> 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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>



-- 
Best Regards,
Ernie