[moneydance] Adjustments to loan account

[Bryan C. Dunne]

On Jan 23, 2007, at 11:00 AM, moneydance-info-request at moneydance.com  
wrote:

> Hi, All,
>
> I have a question on how one should deal with a home refinancing in
> Moneydance.  After we refinanced our home, I applied the loan proceeds
> from the refinancing to the mortgage loan account I had set up for our
> previous mortgage.  However, there were other things (like closing
> costs and so forth) that were taken out of the proceeds of the loan.
> Since these were taken out of the proceeds of the loan in real life,
> I've been unable to find a way to modify the amount of the loan  
> applied
> to a previous mortgage or other account.
>
> Does anyone have any suggestions on the proper way to handle this?
>

Create the loan for the refinance with a zero balance (enter the  
rest, like APR, payment amount, etc. as normal).  Then, go into the  
account where the proceeds from the refinance are being deposited.   
Create a transaction and make it a split.

Split 1: Category: "New Loan" and enter the principal as a Deposit.
Split 2: Category: "Old Loan" and enter its balance as a Payment to  
zero it out.
Split 3: Category: "Closing Costs", enter closing costs as a Payment.
Continue with other fees as necessary...

The remaining proceeds from the new loan will then be entered as a  
Deposit in your account, and the New Loan will have the proper  
Principal Remaining when you go into the loan.

Cheers!

Bryan C Dunne  --  astrobryguy at gmail.com

"I like nonsense, it wakes up the brain cells."
                                                --Dr. Seuss