Mortgage tracking and budgeting

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cluckk
Posts: 2
Joined: Fri Dec 06, 2019 10:48 am

Mortgage tracking and budgeting

Post by cluckk »

We have a mortgage. Each month the amount paid is the same. However, the interest and principle of each month's payment is different. We currently track each with interest in an expense account and the principal in a liability account, in our chart of accounts.

However, this makes it hard to report that we are on budget with our monthly (unchanging) mortgage total. We would like to have a way to also budget the monthly full amount. Does anyone have a solution.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Mortgage tracking and budgeting

Post by NeilZ »

cluckk wrote:
Wed Aug 11, 2021 10:59 am
We have a mortgage. Each month the amount paid is the same. However, the interest and principle of each month's payment is different. We currently track each with interest in an expense account and the principal in a liability account, in our chart of accounts.

However, this makes it hard to report that we are on budget with our monthly (unchanging) mortgage total. We would like to have a way to also budget the monthly full amount. Does anyone have a solution.
Are you carrying the building (or whatever you bought with the mortgage) as an asset?
Neil Zampella

Using PC+ since 1999.

cluckk
Posts: 2
Joined: Fri Dec 06, 2019 10:48 am

Re: Mortgage tracking and budgeting

Post by cluckk »

Sorry, it took so long. Yes, we are carrying the building as an asset.

NeilZ
Posts: 10209
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:

Re: Mortgage tracking and budgeting

Post by NeilZ »

cluckk wrote:
Tue Oct 05, 2021 3:25 pm
Sorry, it took so long. Yes, we are carrying the building as an asset.
OK ... this thread may help:

viewtopic.php?f=3&t=12258&p=39219&hilit=mortgage#p39219
Neil Zampella

Using PC+ since 1999.

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