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Booking Refinanced Loan
Considering I am using the Quicken Rental property edition one would think this would be easier. Here is what I did per a forum suggestion. I hope everyone can follow this: (1) Set up new loan (2) Clicked opening balance on loan & on second line enter old mortgage balance (3) Change the new loan balance (first line) to the difference between the old and new loan. The old loan zeroed out and the new loan was created with the new balance. The accounts were all correctly reflected. Now, I received money from the refi. Where and how do I record the money received and the closing costs? I have them all detailed out but no matter the number of times I have tried, after entering the correct numbers, the system wants an offsetting account. I tried entering them in the new loan but the system asks if this will increase or decrease the loan. I tried entering the money received in the bank account with all the refi costs but the system wants an offsetting entry. HELP PLEASE!