2011-10-30 GnuCash IRC logs
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04:23:54 <Bevans> Hi guys, a newbie question on mortgages. In Assets:Fixed Assets:House, I have a negative balance, which I think should be positive (the house value is more than the mortgage loan), so I have st something up wrong. My mortgage payments leave my checking account withdrawals and are transferred to Liabilities:Loans:Mortgage as a decrease. Liabilities:Loans:Mortgage starts with the Mortgage...
04:23:55 <Bevans> ...amount as an increase and the balance reduces with each month with the payments, which looks ok (balance started at £289k & is reducing month by month). Assets:FixedAssets:House has a negative balance, which should be positive ? Assets:FixedAssets:House starts with the house purchase price as a decrease (negative balance), which is an imbalanced transfer, then has a transfer in...
04:23:56 <Bevans> ...(increase) from Liabilities:Loans:Mortgage for the mortgage amount. The Assets:FixedAssets:House balance is therefor negative ?
04:31:48 <Bevans> Should my mortgage payments transfer from my checking account to Liabilities:Loans:Mortgage, or Assets:FixedAssets:House ?
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09:19:19 <warlord> Bevans: your house purchase should be a split transaction debiting A:FA:House and crediting L:Mortgage and A:Cash
09:19:24 <warlord> .. that would make it positive.
09:19:57 <warlord> Your mortgage payments should be a split crediting A:Cash and debiting L:Mortgage and Ex:Interest
09:29:32 <Bevans> Thanks for that warlord. I will try it out.
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