Line of credit loan - mortgage

[Pablo Francesca]

Why not try this: Set up a liability account specifically for this loan.  Forget about the total line of credit as that is not relevant to the actual liability. Size matters only to the lender, not to you. As credit is extended in lumps, just keep making increases (Credit Entries) to this account. As you pay off the balance of the line of credit just reduce (Credit) whatever bank account you are making the payments from and decrease (Debit) the balance of the liability account.


--- On Tue, 5/18/10, dude man <carnmightyhawks at hotmail.com> wrote:

From: dude man <carnmightyhawks at hotmail.com>
Subject: Line of credit loan - mortgage
To: gnucash-user at gnucash.org
Date: Tuesday, May 18, 2010, 5:29 AM


Hi,  Can someone tell me how to set up a from the beginning a structure for a mortgage that is a line of credit loan?  To complicate matters further it's a construction loan so while I have been approved for the whole amount only part payments of lump sums are being made to the builder.

I don't know what to include in the Assets/Liabilities etc.

If someone could point me in the right direction I would appreciate it

 

Thanks

 

Chris
                           
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