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Posted by Han on September 22, 2007, 6:37 pm
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cmail0925@gmail.com wrote in news:1190495720.911304.64530
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Newsgroups: alt.comp.software.financial.quicken
Subject: Re: cash deposit shows up as negative expense
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cmail0925@gmail.com wrote in news:1190495720.911304.64530
@r29g2000hsg.googlegroups.com:
> I was able to fix it by changing it from a deposit, to an "xin"
> transaction. In the transfer section, I referred to it as being
> transferred from the same account. Now it doesn't show up as income or
> expense.
> Thanks for the suggestions!
>
Should it not now be a liability?
You took out a mortgage, as I understand it. The dollars you received
didn't just come from nowhere. As I understand your first post, you
committed to repaying some organization a total of $100,000 (plus
interest), in exchane for wich you received 95K. You need a good
investment to pay that liability back (not that it can't be done).
--
Best regards
Han
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Posted by cmail0925 on September 23, 2007, 12:12 am
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Han,
You are correct. I set up a "mortgage" account that is a 100,000
liability and pay down interest and principal every month.
I set up a Vanguard Account for 95,000. Outside of the 5,000 in points
and fees, I didn't want either of them to show up as income or
expense. The mortgage account showed up fine, the problem was with the
Vanguard account.
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Posted by Han on September 23, 2007, 6:46 am
Please log in for more thread options cmail0925@gmail.com wrote in news:1190520772.902101.116830
@r29g2000hsg.googlegroups.com:
> Han,
> You are correct. I set up a "mortgage" account that is a 100,000
> liability and pay down interest and principal every month.
> I set up a Vanguard Account for 95,000. Outside of the 5,000 in points
> and fees, I didn't want either of them to show up as income or
> expense. The mortgage account showed up fine, the problem was with the
> Vanguard account.
>
I changed Helocs some time ago, both to get rid of that bank, to get a
somewhat higher line of credit for emergencies, and a better rate. I
started it off by using some of the line of credit to repay the then
outstanding mortgage loan (it was both interest and principal at that
time). Since I have had to take out more money, but I am in the process of
repaying more than the minimum.
In your case, you used the mortgage money to fund a Vanguard account, so
you could let Quicken show that: 100K liability, with a split - 95K going
to Vanguard, and 5K to whatever fees and interests you payed.
--
Best regards
Han
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