Mortgage showing as an assest

When importing my back accounts, my mortgage came across as a Credit Account with a positive value. I did change the intent to Liability, but the amount is still positive.
Any insight as to how I can address this?
Thanks,

Best Answer

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    In that mortgage liability account, the 1st transaction (the Opening Balance) should be in the INCREASE column (you're increasing the amount of  the liability) and each principal payment should be in the DECREASE column (you're decreasing the amount that you owe).
    Is that what you're seeing in your mortgage account register?
    BTW, "credit account" would have been OK ... since that's a type of liability account. But having it as a LOAN type account is better.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    I'd say, delete the mortgage account and set it up as an "offline" (aka "manual") mortgage account, with the balance, amount due and other data taken from the current mortgage statement. If the account is not connected to the bank for downloading you will have full control over its account register and the monthly payment scheduled reminder.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    In that mortgage liability account, the 1st transaction (the Opening Balance) should be in the INCREASE column (you're increasing the amount of  the liability) and each principal payment should be in the DECREASE column (you're decreasing the amount that you owe).
    Is that what you're seeing in your mortgage account register?
    BTW, "credit account" would have been OK ... since that's a type of liability account. But having it as a LOAN type account is better.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • EFKelm
    EFKelm Member
    Thanks, I changed the opening balance from a positive to a negative. seems to work for now
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