record a home sale

Does anyone know an easy way to record the sale of a house in MS Money so
that the mortgage and the asset are both taken care of?
thanks




0
bjohns (1)
8/13/2003 1:57:04 AM
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I'd record a deposit in the account you put the proceeds in. It'll be a
large set of splits, derived from the settlement sheet. Start with a Loan
Payment to the old mortgage, convert the Principal Transfer amount to the
payoff balance. Add any costs. Add the interest you had to pay for the
partial month. Add a transfer from the asset account for the asset value
before the transaction. Add any income/expense lines to get from the asset
value you were carrying to what you sold it for. (And so on. As noted, you
should be able to pretty much match the settlement sheet.) The net of the
transaction should be the amount you walked away from the closing with.

Then close the old asset account, adjust for any slight variance in the old
mortgage and close it. Live happily ever after.

"bjohns" <bjohns@nospam.net> wrote in message
news:QVg_a.2777$v9.636@nwrddc01.gnilink.net...
> Does anyone know an easy way to record the sale of a house in MS Money so
> that the mortgage and the asset are both taken care of?


0
8/13/2003 2:28:28 AM
Reply:

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