Starting with GNUCASH

Jeff VanderDoes vanderdoes at msn.com
Sat Dec 8 22:36:39 EST 2012


Once again thanks all the feedback...

If I understand what's been said (and I've figured out the breakout of
principle, interest, and escrow)...

When I download from bank

I see a transactions from bank like the following

1/1/2013 | Mortgage Loan | $700.00 | #00xx Payment. Thank you | ... | New,
UNBALANCED (nee acct to Transfer $(700.00))!
1/1/2013 | Mortgage Loan | $292.91 | Interest Charge; Interest Charge |....
| New, UNBALANCED (need acct to transfer $292.91)!

Right now I have the above transactions tied to the Mortgage account.

As the transaction come in they are yellow  (which I believe means they
need to be tied to another corresponding account.

I'm not quite certain the two accounts for the first transaction are
checking account and mortgage account and second are mortgage and mortgage
interest?

It seems odd to me that the bank doesn't know what account it came from
(checking savings etc) and secondly.  since part of the 700 is the interest
(292.91) and escrow 200.00 (not given in bank transactions)  that I may be
off.

I think I can understand the mortgage and checking... bit as responded to
earlier maybe it's best when I get the transaction to split right then into
the components.  It seems I can't from import transaction screen... maybe
this is a time I import and then secondarily do an extra transaction to
split it out into separate components...  what's interesting to me is the
fact that the bank gives the payment and then increases the loan by the
interest.

Seems odd to me and I can't seem to get the transactions just right.

Any ideas?

Thanks,
Jeff


On Sat, Dec 8, 2012 at 4:39 AM, jcard21 xxxxxxx
<jcard21+gnucash at gmail.com>wrote:

> Your bank should have a web site where you can register, log into, and
> view your account (mortgage) status.
>
> With any luck, you should be able to see the breakdown between
> principle, interest, and any other fees or charges for the current
> month's payment.
>
> OR
>
> If this information is not available to you on their web site, call
> your bank and tell them the information you need every month.
>
> Let THEM solve your "lack of complete information" problem.
>
> If that fails, you can search google for "amortization schedule"
> (A.S.), and find a web site that calculates your A.S. the same as your
> bank to the penny.
>
> OR
>
> Use a spreadsheet to calculate an A.S. yourself.
>
>
> On Fri, Dec 7, 2012 at 10:34 PM, Jeff VanderDoes <vanderdoes at msn.com>
> wrote:
> > Thanks so much for the feedback from all!  Now a follow-up question..
>  Most
> > of my entries for mortgage payment come from online transactions from
> bank.
> >  Since I don't know the split out between principle interest, and escrow.
> >  (I can do some homework and figure it out eventually... I can est pretty
> > close my escrow)  Before I put transaction in in final form (ie figure
> > interest,  principle, escrow) or is there a way to bring it and later
> split
> > it out later?
> >
> >
> > Thanks,
> > Jeff
> >
> >
> >
> > On Fri, Dec 7, 2012 at 5:53 AM, Mike or Penny Novack <
> > stepbystepfarm at mtdata.com> wrote:
> >
> >>
> >>
> >>> Loans have me a little baffled. Say mortgage has payment and some goes
> to
> >>> reduce principal and some goes to escrow for taxes and insurance and
> >>> interest on loan goes to expense account.  Do I use the accounts and
> minus
> >>> from checking and add to escrow. then do another set of transactions
> minus
> >>> from escrow and add to interest expense; credit from escrow and debit
> (I
> >>> get debit and credit confused) mortgage loan... then when taxes paid
> >>> credit
> >>> from escrow and debit home insurance (expense account)?  Do I ever
> have a
> >>> transaction to some type of equity account?
> >>>
> >>>
> >>>
> >> You can do it in separate transactions but since your payment is
> actually
> >> a single item from your bank account more normal would be to use a SPLIT
> >> transaction (a transaction involving more than two accounts). The escrow
> >> account is an asset belonging to you (your property) except not under
> your
> >> control. Just like another bank account (some bank account controlled by
> >> the institution processing your mortgage). It should be in your books
> as an
> >> asset account. Then when you get a statement from the institution
> >> processing your mortgage that they have used some of these funds (to
> pay a
> >> tax bill, to pay an insurance bill, whatever) you enter a transaction to
> >> reflect that.
> >>
> >> So each mortgage payment would be:
> >> debits:
> >>    Loan principle
> >>    Loan Interest
> >>    Escrow
> >> credits:
> >>    Bank account (this would be entered first, then hit SPLIT, adjust the
> >> other side amount to the first account you want to do and enter that
> >> account, then proceed with the remaining amount till all allocated)
> >>
> >> Michael
> >>
> >> PS -- As always I will repeat, gnucash AUTOMATES the bookkeeping,
> posting*
> >> from journal to ledger, but that doesn't substitute for knowledge about
> >> basic bookkeeping. This automation is important/useful since
> transcription
> >> errors during hand posting was one of the major sources of errors in the
> >> old pen and ink on paper days. If the documentation provided with
> gnucash
> >> isn't enough for you, get a book on "basic accounting". We can help you
> >> with "how to do it using gnucash way" but you may still need help with
> >> "what should I be trying to do".
> >>
> >> --
> >> There is no possibility of social justice on a dead planet except the
> >> equality of the grave.
> >>
> >>
> >>
> > _______________________________________________
> > gnucash-user mailing list
> > gnucash-user at gnucash.org
> > https://lists.gnucash.org/mailman/listinfo/gnucash-user
> > -----
> > Please remember to CC this list on all your replies.
> > You can do this by using Reply-To-List or Reply-All.
>
>
>
> --
> jcard21
>
>


More information about the gnucash-user mailing list