Creating a dummy account in assets to track housing loan..is it the right way?

[DaveC49]

Hi Pete &Vinod,

Agree that the asset subaccount of the bank account is a reasonable way to
go, with the advantage that the residual balance is displayed rather than
the amount consumed to date.  Particularly if you were paying for some
aspects of the construction from the home loan and others from other sources
of funds. 

The dedicated Expenses account for the construction has the same result
apart from not showing the resiual balance provided you are only charging
costs coming out of your homeloan balance to that expense account.  You then
need an expense subaccount for other costs not paid for out of the loan
account.

Either way you have to take care which transactions are assigned to which
account whether it is an Asset  or Expense account you use.





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