The checks belong in the account you wrote them from. They don't have
anything to do with the mortgage or asset account yet. And the fees never
will.

So, the remaining question is how to classify and track them.

I would categorize the appraisal fee/credit score stuff as something like
Miscellaneous:Fees or similar and track in the memo what they were for. (I
also use classification so I'd classify the expense as something like Class
"Property:123 Elm St." This is entirely optional.)

The earnest money is slightly more complex since, eventually, it will get
balled up in the settlement process and get transferred to an Equity
account. For now, I'd call it something like "Miscellaneouseposit, credit
to follow" (I created this category for all kinds of things like this.) (I'd
also classify the expense as something like Property:123 Elm St. Again, this
is entirely optional.)

When you close the deal, I'd deal with it more or less as noted in
http://umpmfaq.info/faqdb.php?q=86. Note that this FAQ deals with the
refinance case, not the purchase case. But the purchase case shouldn't be
that different. As for your earnest money, it will be listed on the
settlement sheet as money you are putting into the deal. In the settlement
transaction in Money, I'd list a **negative** "Miscellaneouseposit, credit
to follow" expense--that category now goes to $0--and the amount of the
check you write out at closing will thus not include the amount of the check
you already wrote even though the transaction adds up to the amount you are
paying for/transferring to the equity account. Money may complain about the
negative expense really being income and needing an income category. Tell it
to get lost.

Follow the settlement sheet, the split is your friend, and check back here
if all else fails.

"Chris Guimbellot" <cguimbellot[at]FORGETSPAM.hifranchise.com> wrote in message
news:eFDH3JwhEHA.1344[at]TK2MSFTNGP11.phx.gbl...
- quote -

In microsoft.public.money, Chris Guimbellot wrote:

- quote -

Here is a search that may have some good threads for you:
http://groups.google.com/groups?as_q...04&safe=images


http://umpmfaq.info/faq.html#Q94 and
http://umpmfaq.info/faq.html#Q86 might give some useful clues.

Hello,

Money 2004 Standard.

So I am buying my first house (whohoo for me). Anyway, I am not yet trying
to set up the mortgage and asset account, but I have written two checks so
far: one for earnest money and one for the appraisal fee and credit score
fee for the mortgage. What I am wondering is how to classify these checks. I
have not created the corresponding accounts yet. Should I classify these
things as misc for now until I get the accounts set up after closing or is
there something else I should do. Also, even when I set up the accounts, how
do I classify these fees, in addition to any I may have to pay at the
closing table? I appreciate any help. Thanks,

Chris