[GNC] Coloring the Action field

[D.]

What I mean is that variations from paycheck to paycheck result in changes in the amount going into my checking account. When I adjust that amount, the transaction no longer balances, and gnucash puts the difference into Imbalance-USD. 


-------- Original Message --------
From: Michael or Penny Novack <stepbystepfarm at comcast.net>
Sent: Thu Dec 16 18:45:33 EST 2021
To: gnucash-user at gnucash.org
Subject: Re: [GNC] Coloring the Action field

On 12/16/2021 5:58 PM, David T. via gnucash-user wrote:
> I use something like Michael's approach with paychecks, but my simple 
> workaround is that I enter the correct amount deposited to my checking 
> account (that *is* what I'm most interested in!), using a previous pay 
> transaction as the template. Inevitably, IT DOES NOT BALANCE, and I 
> end up with an entry in Imbalance-USD, which I monitor for zero balance.

   I am not sure what you mean by "inevitably it does not balance".

>
> My workaround with my mortgage is to download the transaction history 
> for the mortgage once a year (more frequently, if I'm feeling 
> twitchy), and then I reconcile the MORTGAGE principle account. If the 
> transactions there are "N", then I know I need to check them for 
> accuracy.

For a mortgage, you are likely to have to reconcile once a year in any 
case when the amount for the insurance/taxes escrow gets recalculated. 
Note that this monthly amount is NOT 1/12 of the insurance and taxes. It 
will be an amount such that the balance of the escrow account remains 
positive as these monthly payments go in and on the due dates, tax 
payments and insurance payments, etc, go out. That's why this amount the 
mortgage holder bills you each month jumps around so much when they 
recalculate it once a year. With that recalculation you get a statement 
showing what was paid when so you can add the transactions for RE Tax 
and Insurance.

Michael D Novack

PS: The escrow account should be an asset account in your books. Each 
month the escrow portion of you mortgage payment goes in,m and when you 
get the statement (for the escrow being held) you will be able to enter 
the actual RE tax and insurance transactions going out.


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