Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

How do I enter data for a refinance?

ram1020
ram1020 Member
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?

Answers

  • ram1020
    ram1020 Member
    How do I enter the proceeds from the new mortgage to show repayment of the old mortgage and expenses and interest paid?
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    So your accounting entry (with made up numbers) would be along the lines of
    Debit (decrease) Old Loan Account   $100,000
    Debit (increase) Mortgage Interest              575
    Debit (increase) Mortgage Expenses       2.000
    Credit (increase) New Loan Account   102.575
    This 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.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    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.
    Signature:
    (I'm always using the latest Quicken Windows Premier subscription version)
    This is my website: http://www.quicknperlwiz.com/
Sign In or Register to comment.