Can anyone help a newbie with a primer on how to track expenses and mortgages
associated with a home? I have set up the house as an asset account and have
the primary mortgage linked to it. I have not yet closed on the house, but
have put 5% of earnest money deposit down (debited from my checking account).
This amount will be credited back to me at closing. How should I track that
earnest money deposit? As a household expense? A transfer to the mortgage
(even though it's not part of the mortgage principal)? Any and all advice
will be greatly appreciated.
Thanks,
G

Dick Watson has a useful FAQ list at http://umpmfaq.info/faqdb.php?cat=23.
After reading that, post back with detail questions.
--
Chris Cowles
Gainesville, FL

"schwabg" <schwabg@discussions.microsoft.com> wrote in message
news:B3A00CE9-C22C-47A7-A5AB-FC76DA555CCD@microsoft.com...
> Can anyone help a newbie with a primer on how to track expenses and
> mortgages
> associated with a home? I have set up the house as an asset account and
> have
> the primary mortgage linked to it. I have not yet closed on the house, but
> have put 5% of earnest money deposit down (debited from my checking
> account).
> This amount will be credited back to me at closing. How should I track
> that
> earnest money deposit? As a household expense? A transfer to the mortgage
> (even though it's not part of the mortgage principal)? Any and all advice
> will be greatly appreciated.
> Thanks,
> G

You might want to read some of the Q/A in an Unofficial FAQ at
http://umpmfaq.info/faqdb.php?cat=23. There is no one-size-fits-all answer.
But the best general answer is "follow the money." For instance, in the case
of your deposit, I'd put it in some suspense category for now (I use
"Miscellaneous:Deposit, Credit to Follow" then, when entering all of the
stuff from the settlement sheet you will get at closing, I'd put in an entry
reversing that same category, opposite magnitude) and then another entry
transferring this as part of the total amount transferred to the Asset
account at closing.

Anyway, read the FAQ, maybe try some sample transactions in a new file just
for play to see how it all works, and post back with more specific questions
as you go along.

"schwabg" <schwabg@discussions.microsoft.com> wrote in message
news:B3A00CE9-C22C-47A7-A5AB-FC76DA555CCD@microsoft.com...
> Can anyone help a newbie with a primer on how to track expenses and
> mortgages
> associated with a home? I have set up the house as an asset account and
> have
> the primary mortgage linked to it. I have not yet closed on the house, but
> have put 5% of earnest money deposit down (debited from my checking
> account).
> This amount will be credited back to me at closing. How should I track
> that
> earnest money deposit? As a household expense? A transfer to the mortgage
> (even though it's not part of the mortgage principal)? Any and all advice
> will be greatly appreciated.