setting up mortgage liability and paying it off from a check account asset...

Morgan Read mstuff at read.org.nz
Thu Jan 12 19:29:22 EST 2017


On 11/01/17 05:22, prl wrote:
> On 11/01/2017 10:56, Morgan Read wrote:
>>     ... nor does it seem correct
>>     that I start of with a black 24,813.31 in the mortgage?
>>     Oh, someone please put me out of my misery.
> It's your choice how the balance in accounts is displayed. It sounds
> like you want to change Gnucash's Gnucash>Preferences>Accounts>Reverse
> Balanced Accounts to "None". This doesn't change the balance, just the
> way it's displayed. You can control whether negative amounts display as
> red in Preferences>General>Numbers>Display negative amounts in red (even
> if this is enabled they still have a leading '-').
> 
> You may also want to see whether setting Preferences>Accounts>Labels>Use
> formal accounting labels makes more sense to you.
> 
> Peter
> 
Many thanks Peter, that helps a lot.  The change in the use of formal
accounting labels in particular reminds me that I need to refresh my
double entry book-keeping knowledge...

Simply being able to toggle through the 'Reverse Balanced accounts'
options gives a clearer idea of what's going on.  However, I'm left in a
quandary why, when I remove all reverse signing, Income accounts go
negative - is that because the income source which those accounts
represent are less that amount because my checking account is plus that
amount?  Perhaps I've answered that myself...

But also, what does it mean to be showing negative Equity - which is
made up of Opening Balances only - when the opening value of the House
under Fixed Assets is a third as much again in the black?  I realise
that taking the Opening Balance of the 'Fixed Assets:House' from Opening
Balances means that's so, but the resulting Equity doesn't equate with
my understanding of equity, the difference between Assets and
Liabilities...?

And, finally - due to taking cash from the bank and importing a bank
download, but not importing a similar 'Cash in Wallet' download of all
my cash expenses, should I just waste the difference between what has
been credited to 'Cash in Wallet' and what is actually in my wallet into
'Expenses Miscellaneous'?

Many thanks again.

Regards
-- 
Morgan Read
United Kingdom
<mailto:mstuffATreadDOTorgDOTnz>

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