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andrew Steinhaus's Avatar

andrew Steinhaus

19 Jun, 2009 01:14 AM via web

I entered my mortgage as a loan/line of credit. When I viewed a report it indicated it as income. How do I indicate my mortgage my principle and interest payments. Can I also have MoneyWell know what the Interest rate is?

  1. Support Staff 2 Posted by Kevin Hoctor on 19 Jun, 2009 04:44 PM

    Kevin Hoctor's Avatar

    Currently loans are treated as liability accounts and you should put the starting balance in as a "Withdrawal" transaction. That will have it show a negative balance and your payments will reduce the amount.

    MoneyWell isn't ideal for loans and mortgages if you're trying to calculate interest. It treats them just as transaction accounts in 1.4 so you can't amortize the loan. This will be enhanced in the 2.0 release.

  2. Kevin Hoctor closed this discussion on 19 Jun, 2009 04:44 PM.

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