How do I set up a Asset Account for a long-term Property Investmen

Recently I bought an apartment as an investment at a price of $1,000,000 (as 
an example). There is a progressive payment scheme for the property. I will 
be using cash to pay for the downpayment of 5% and stamp duties. There is 
another 10% payment soon which I will also pay in cash. Subsequently I will 
take up a mortgage loan to do it. 

How do I set all these up in Money?
0
NCL (3)
10/14/2007 12:14:00 PM
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That's probably beyond the scope of a simple newsgroup reply.

Generally, here are some thoughts and there is no One Right Way:

Transfer the down payment to a newly created Asset Account.

The other expenses at purchase are probably just that. But you might want to 
consider using classification so that various expenses (Taxes : Property, 
e.g.) are allocated to the property (classification Class: Income Properties 
: Falling Downs apartments). But you'd need to consult the tax laws and/or 
an expert to know if these need to be depreciated or are current expense.

Transfer the 10% to the same Asset Account.

When you create the mortgage Loan Account, do not allow the wizard to create 
an asset account. Instead, add the amount of principal financed to the Asset 
Account afterwards by hand and categorize this as something like Other 
Income : Loan Proceeds Received. You should put a memo in this transaction 
indicating the relationship to the Loan Account. I suggest this sequence 
since Money does not readily allow the proceeds for/from Loans made or 
received to be treated as a Transfer.

Edit the details for the Loan Account to associate it with the Asset 
Account.

Note that sequence is untested and off the top of my head.

"NCL" <NCL@discussions.microsoft.com> wrote in message 
news:1DA7C0C3-6FDB-4848-AD0A-17E6D44A34AF@microsoft.com...
> Recently I bought an apartment as an investment at a price of $1,000,000 
> (as
> an example). There is a progressive payment scheme for the property. I 
> will
> be using cash to pay for the downpayment of 5% and stamp duties. There is
> another 10% payment soon which I will also pay in cash. Subsequently I 
> will
> take up a mortgage loan to do it.
>
> How do I set all these up in Money? 


0
10/14/2007 12:43:09 PM
Thanks for the tip. I thought that I might not have fully exploited the 
features of Money. This is helpful. I will try it out. 

0
NCL (3)
10/15/2007 4:00:00 AM
Reply:

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