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.
Mortgage tracking and budgeting
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Re: Mortgage tracking and budgeting
Are you carrying the building (or whatever you bought with the mortgage) as an asset?cluckk wrote: ↑Wed Aug 11, 2021 10:59 amWe 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.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Mortgage tracking and budgeting
Sorry, it took so long. Yes, we are carrying the building as an asset.
Re: Mortgage tracking and budgeting
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.