Line of credit Interest payment question

[David T.]

In a word, yes. 

Create the account Expenses:Interest:HELOC, and all interest payments for that go into it. 

I use separate accounts for each interest account, because it makes it easier to compare against 1098s at the end of the year. I also select the Tax Options for these accounts to make it possible to export TXF data for TurboTax.

David

 --- On Mon, 2/8/10, Graham Lane <grahamlane at gmail.com> wrote:

> From: Graham Lane <grahamlane at gmail.com>
> Subject: Re: Line of credit Interest payment question
> To: "David T." <sunfish62 at yahoo.com>
> Cc: gnucash-user at gnucash.org
> Date: Monday, February 8, 2010, 4:03 PM
> YEP!
> That's the deal. So would it make sense to classify the
> interest payment to a particular bank under an expense, or
> just leave it as a mortgage expense?  Whats gonna be useful
> tax wise, research wise later tat I am not thinking of?
> 
> 
> 
> Thanks
> 
> On Mon, Feb 8, 2010 at 5:33 PM,
> David T. <sunfish62 at yahoo.com>
> wrote:
> 
> 
> 
> If I understand you correctly, you are making an
> interest-only payment to your bank for your HELOC. If I am
> correct, then you shouldn't see anything in the
> Liability account, since you didn't change the value of
> that account. You didn't pay anything into the
> loan--that's why the bank didn't change the balance
> of your account with them. All you are doing is paying
> them.
>