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Mortgage tracking and budgeting
Posted: Wed Aug 11, 2021 10:59 am
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.
Re: Mortgage tracking and budgeting
Posted: Wed Aug 11, 2021 1:25 pm
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?
Re: Mortgage tracking and budgeting
Posted: Tue Oct 05, 2021 3:25 pm
by cluckk
Sorry, it took so long. Yes, we are carrying the building as an asset.
Re: Mortgage tracking and budgeting
Posted: Wed Oct 06, 2021 12:14 am
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