[GNC] A question on loans

[Adrien Monteleone]

> On Nov 20, 2019 w47d324, at 12:08 PM, Mark Phillips <mark at phillipsmarketing.biz> wrote:
> 
> My apologies, I did a very poor job of asking my question the first time.
> Let me try again.
> 
> My accounts (with simplified names)
> Asset - Condo and Checking
> Liability - Mortgage
> Expenses - Mortgage Interest
> 
> I set up the accounts when I bought the condo a few years ago, made a few
> entries for mortgage payments, then stopped. Time passed, the loan changed
> banks to a line of credit, and some charges were made to the line of credit
> for some non-condo related debt consolidation.
> 
> Time passed, and now I would like to get these accounts caught up. There is
> a $30,000 difference between the current Mortgage balance (larger) and what
> is in gnucash. How do I make an entry to get the Mortgage account to match
> the bank statement?


You need to somehow model what happened to that original loan. I’m not exactly straight on if you have a loan or a line of credit or both. If both, you should likely use two separate accounts for that, but I’m not 100% certain. If a loan, then it was likely technically done as a refi, which is really a new loan with new terms (even if they match the old) that pays off the old loan and then starts all over. So that’s what you should enter in GnuCash.

Are you still carrying those consolidated debts at their original values? They should have been ‘paid off’ with the line of credit account. You’d need to make these entries to clean that up as well.

You made loan payments but didn’t record them? So then your checking account is off by the sum of those payments, no? It should be. Simply record those payments for the dates they actually were made.

Regards,
Adrien