How do I enter data for a refinance?

Question

I can set up the new mortgage, but there is no "other side" of the transaction to enter expenses and repayment of the old mortgage. How do I do that?

Chris_QPW · Answer

Is either the old or the new or both of the loan accounts set up for automatic download?  If so the answer is going to be different.

Tom Young · Answer

So your accounting entry (with made up numbers) would be along the lines ofDebit (decrease) Old Loan Account   $100,000
Debit (increase) Mortgage Interest              575
Debit (increase) Mortgage Expenses       2.000
Credit (increase) New Loan Account   102.575This assumes no "cash out" of course.  
One way of doing this is to simply set up the new $102, 575 loan using the loan wizard.  Then edit the Opening balance entry in the new loan, changing it to $100,000 with the offset to that entry being the old loan, zeroing that loan out.  Then, using the same date as the opening balance entry, make two entries, one for $575 and one for $2,000, expensing those amount to the correct categories.

ram1020 · Answer

How do I enter the proceeds from the new mortgage to show repayment of the old mortgage and expenses and interest paid?