I'm the mortgage holder and the buyers are paying me off early - how to enter in Quicken?
I don't know where to post this question, so a moderator is welcome to move it.
I sold a house eight years ago and carried the note. I enter the payments into Quicken every month, split into principal and interest. The buyers are paying the note off early-- tomorrow, in fact.
The original note was for $190,000. The balance right now including future interest is $108,152. The payoff amount at this point is $105,352. Do I post that amount in the same way/place I normally post a monthly payment? I have the amortization table, so I can split it into principal and interest.When I post that amount, how do I tell Quicken to retire that note?
I tried googling this but putting "retire" and "mortgage" in the question launched me off in a totally other direction. Thanks.