New Mortgage: Accounting for new asset, loan, and down payment
More of an accounting / how best to use quicken than a technical question here ... In a home purchase, there is a sale price, valuation (appraisal), a mortgage and a down payment. I set up the asset account, entering the appraisal value when Q asks how much the house is worth. At the conclusion, it asks about linking to a mortgage/loan account, and I went through those prompts as well with the terms and amount of the mortgage. So far so good. But now I want to account for the closing transaction. Using simple numbers, if the house appraised and was purchased for 250k, and I put down 50k at closing and took a mortgage/loan for 200k, my asset is in Q and shows for 250 and my loan for 200. If I wrote a check for 50k from my checking for the down payment, I go into my checking account and enter the check -- and allocate that 50k to what account? I've never quite followed this in Quicken - any help greatly appreciated.
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