Loan

[Dennis Powless]

I've read the guide about loans...

I have a mortgage.  I pay the P, I and escrow each month.]

When I set up the mortgage I have a mortgage company account
(liability:MortgageXYZ), escrow (assets:MortgageXYZ Escrow) and
interest accounts (Expenses:Mortgage interest).  I determined I need
an asset account, (Assets:MortgageXYZ Property).

What do I do with the actual asset account?  I see in the guide I give
it the total amount I paid for the house.... and how does thi play in
the monthly payment...  Ie.  I pay 100 to interest, 10 to the mortgage
principle and 4 to the escrow... for a total payment of 114.00 from
the checking account.  How does the actual asset get affected?


Or, is this not make sense?