Recording Mortgage Payment

Wes Metz wes704 at gmail.com
Sun Feb 9 09:28:51 EST 2014


You might try the Mortgage & Loan Repayment Assistant. Info is located at
http://www.gnucash.org/docs/v2.4/C/gnucash-help/trans-sched-loans.html


On Sun, Feb 9, 2014 at 9:12 AM, Maf. King <maf at chilwell.net> wrote:

> On Sun 9 February 14 02:19:16 Dr. Ray wrote:
> >     I just would like to get a second opinion that I am correctly
> recording
> > these Mortgage payment
> >
> > Home Mortgage account
> >
> >  Increase
> >
> > Decrease
> >
> >
> >
> >  I enter the full payment amount as a decrease from the asset:Checking
> > account. Then I click SPLIT and Repeat this step
> >
> >
> >
> >  I enter the liability account Loan:Home Mortgage in the decrease column.
> > The amount I enter is the principal portion of the payment
> >
> >  I then enter the Interest portion of the payment as an increase using
> the
> > Expense:Mortgage interest account
> >
> >
> >
> >
> >
> >
> >
> > I then click enter and everything looks great, the balance matches the
> bank
> > balance.
> >
> > However when I click enter or click record it creates the Imbalance-USD
> > account. I then change the Imbalance-USD to the Equity:Retained Earnings
> > account.
> >
> > Hope I'm doing this correctly
> >
> >
> >
> > I then click split and do the following a) I reenter the Asset:Checking
> > decrease b) I enter the
>
> Hi Dr Ray.
>
> The imbalance account is usually a good indication that you've done
> something
> wrong.
>
> I believe that the transaction you should be entering (from the checking
> account) should look like this:
>
>                           Debit      Credit
> Liability:Mortgage    500       -
> Expense:interest       50       -
> Bank:Checking          -        550
>
> if you have formal accounting labels switched off, then Debit will be
> labeled
> deposit and credit will be labeled withdrawal
>
> HTH,
> Maf.
>
>
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