Money Can't Set up a Mortgage Right!

I have issues with Money 2003.  

I bought a house Nov 2003.  I set up the mortgage account and tell it
my purchase date.  It starts the loan 1/1/2004 because it assumes I
have paid Nov interest at closing and won't owe anything until
1/1/2004.  This screws up my net worth reports because I had a home
asset in Nov 03, but the loan liability doesn't appear until Jan 04.
Broken! I can't seem to set the loan date to force it to recognize the
Nov loan beginning date.

What to do??

Thanks,

Ben
0
4/3/2004 9:04:41 AM
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Money starts the loan in 1/1/2004 because that's the date you told it the
first payment was due.

I just played around with this in M04. Money appears to include the balance
in (against) your net worth on the date you create the loan--if the first
payment is due less than a month from the date you created it--or the date
of the first payment--if it's more than a month from the date you created
it.

I'm betting that Chris Cowle's $0 balance setup then transfer method would
work around this. See http://umpmfaq.info/faqdb.php?q=86 for details on this
method. You will have to delete the loan and all linked transactions then
create a new loan and all the associated transactions. Personally, I
wouldn't worry about the net worth reporting blip. When you look at the
report, you know the truth and you know why Money indicates what it does.
It's just data.

"B. J. Sloan" <benjamin@wt.net> wrote in message
news:1a32ed3c.0404030104.71258337@posting.google.com...
> I have issues with Money 2003.
>
> I bought a house Nov 2003.  I set up the mortgage account and tell it
> my purchase date.  It starts the loan 1/1/2004 because it assumes I
> have paid Nov interest at closing and won't owe anything until
> 1/1/2004.  This screws up my net worth reports because I had a home
> asset in Nov 03, but the loan liability doesn't appear until Jan 04.
> Broken! I can't seem to set the loan date to force it to recognize the
> Nov loan beginning date.
>
> What to do??


0
4/3/2004 1:15:50 PM
Reply:

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