Hi all,
I’m having some doubts related to how to track my mortgage and loan.
The issue is, I have 2 accounts. One for the house loan and other where the money will be debt from.
I budget for the value of the mortgage, e.g. 1000€. but in this value I have to split it to have the value that will sum to the loan and the tax envolved.
I’m being confused how to budget this and how to create the transaction, because my monthly rent is 1000, but for my loan is not 1000 e just 300, because 700 will be for taxes and in my spends this will not be correct to my budget.
Do I have to budget taxes also? it doesn’t make any sense. Instead of making a transfer to loan account, should I ignore the tax, register the all value rent (1000) as an expense and in the loan just add the value correct (like 300) as an income and ignore the 700?
I hope I was able to explain myself.
Thank you in advance!
Of I’m understanding your question correctly, you have an account that the entire sum debits out of for your mortgage including the taxes.
So in your example i believe the 1000 is the whole amount and then 300 of that is your taxes.
If this is correct then i would use the split feature and split the debit transaction into 2 one being the mortgage and the other being the taxes paid.
Also if it is the same amount each month going to each then you could try crashing a saved split sheet to make it just a bit easier.
Hi, thanks for the reply.
More or less. Because I already do a split to separate the values of my actual rent vs the money to reduce the loan vs taxes.
But in terms of budget for what is worth the value of my rent is the 1000. My doutb is in budgeting. Should I budget the 1000 as rent of budget 300 for rent and 700 for taxes?
Up to you but with the split and multiple categories then at that point then you would need to budget 300 for taxes and 700 for mortgage
I’m doing this, because if I transfer 1000 to my mortgage in liability that’s not the value that it will reduce the debt, but just the 300 because it has 700 on taxes.
That’s why I tought in separate the total value and budget it.
Is there a better way?
Best Regards,
If that works for you then it sounds like you’ve got a system that you understand and you can rock on with. 
