Mortgage needs to show up in Reports

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LQ Helper
Posts: 32
Joined: Fri Jul 15, 2016 6:48 pm

Mortgage needs to show up in Reports

Post by LQ Helper »

I have budgeted a liability to reflect our current mortgage principal for 2017 and know that the current mortgage liability does show up on the budget report (YEA :D) but how do I get that liability included in the total budget figures to present to the church? The only thing in the total are the expenses. Do the members have to add them on their own or is there a way to include the liability in a grand total or do we have to put a note on the budget to show the total of the expenses and liability?

NeilZ
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Location: Dexter NM
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Re: Mortgage needs to show up in Reports

Post by NeilZ »

LQ Helper wrote:I have budgeted a liability to reflect our current mortgage principal for 2017 and know that the current mortgage liability does show up on the budget report (YEA :D) but how do I get that liability included in the total budget figures to present to the church? The only thing in the total are the expenses. Do the members have to add them on their own or is there a way to include the liability in a grand total or do we have to put a note on the budget to show the total of the expenses and liability?
In order to pay off a liability, you must have an expense account to show where the money is coming from to pay the mortgage.

Here's an example from the original thread where you posted this, I moved it as things tend to get lost in 2 year old threads:
To make a $2000 Mortgage payment with $1,300 toward interest and $700 toward principle:
CR 01-1110-000 Checking Account $2000
DB 01-2016-000 Mortgage liability $700
DB 01-5610-000 Mortgage Interest Expense $1,300
This is what you budget for, the expense for the year of paying off the loan. The overall liability is normally not reflected in a budget report, but does show up on such things as the Cash Management report.

Does this help any, or is the issue a bit different.
Neil Zampella

Using PC+ since 1999.

LQ Helper
Posts: 32
Joined: Fri Jul 15, 2016 6:48 pm

Re: Mortgage needs to show up in Reports

Post by LQ Helper »

Yes it does. Thank you very much for that.

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