Setting up a mortgage and transactions entered in arrears (4 numbered questions)

[Dennis Powless]

I agree.  I have a scheduled transaction for my mortgage liability account,
escrow account and one for my checking account.  (well, all wrapped in one
split transaction etc...)  Anyway, I just update the values when I get my
statement each month, it only differs by a few dollars.  I adjust the
scheduled trans when the escrow analysis changes etc....

I never messed with the druid thing, seems like a lot of work when it can be
done quite easily.

Just my 0.02....

D

On Thu, May 5, 2011 at 7:55 PM, Lincoln A Baxter <lab at lincolnbaxter.com>wrote:

> Or... you do do something really simple:
>
> Just enter the actually mortage payment as a payment to the mortgage
> liablility account, and annually, when you do your taxes, increase the
> liability balance by transfering the expenses from the liability account
> to the appropriate expense accounts, from the 1099 statement.  Only 1
> time per year you have to make adjustments, and you know they will agree
> with the bank.
>
> Start with opening balances as of the beginning of the year... forget
> about the previous 5 years of history, and the settlement sheet.  Your
> house's value probably is not today what it what  you paid for it
> anyway.  I periodically just change the opening balance transaction
> amount to my assets:home account to reflect the current value of my
> home, when want to see a relatively accurate view of my current net
> assets.
>
> KISS, don't over finesse... the more you obsession, the less time you
> have spending on things that really matter in live.
>
> Lincoln
>
> On Wed, 2011-05-04 at 13:26 -0400, Peter Underwood wrote:
> > Thanks James.
> >
> > Tommy's explanation of the limits of the Druid (and defining that word
> too -
> > never heard it before in this context and was about to look it up when I
> saw
> > his reply) is a lot of what I want so I can proceed which is nice :)
> >
> > To answer your question, I thought I could simply use the Druid to set up
> > the mortgage payments starting at that Settlement Statement and let it
> bring
> > things up to date - with manual changes in schedule payments stemming
> from
> > an escrow change. From Tommy's suggestions, it appears that it's easier
> to
> > use the Druid at a lower level than I was thinking. So there really isn't
> > anything that I want from the Druid right now that it won't do. Once I
> have
> > completed the setup, if I think there is something the Druid could do
> which
> > would be worth the dev cost, I'll work on setting that out more clearly
> as a
> > wish list item and then see if I can do anything to help with designing
> it.
> >
> > Anyway, for now, the question is answered in that I can move on and stop
> > fretting at the Documentation etc to find out what I am doing wrong!
> >
> > Thanks again.
> >
> > (I am still working out how the transactions end up sorted and balanced
> in
> > the right order if an earlier date transaction is entered later, but
> again
> > Tommy answered that so I'll continue putting in the earlier transactions
> and
> > see whether they sort and balance as I continue.)
> >
> > Peter
> >
> > On Tue, May 3, 2011 at 9:54 AM, FireFly <fireflys_98 at yahoo.com> wrote:
> >
> > > Peter,
> > >
> > > I think my overall question is, what are you trying to achieve from the
> > > Mortgage Druid?
> > >
> > > I've never used it myself, I've always setup my Mortgage by hand, but
> have
> > > setup both a new mortgage (when I refinanced) and a pre-existing
> mortgage
> > > and not had any real issues, the only "pain" that I have to do is every
> > > month I have to change my scheduled transaction to have the correct
> split
> > > between interest and principal, but your situation may be different
> than
> > > mine.
> > >
> > > Which brings me full circle back to my original question, what are you
> > > looking for GNUCash to do for you, what are you hoping from using the
> > > Mortgage Druid will happen vs setting up these accounts manually?
> > >
> > > - James Duerr
> > >
> > > E-mail: FireFlys_98 at yahoo.com
> > > ---------------------
> > > Discover a lost art - play Marbles. May 2004
> > > www.marillion.com
> > >
> >
> >
> >
>
>
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