Sounds like a valid way to do this and somewhat similar to Chris Cowle's
method for associating it with the loan balance as discussed in the FAQ. Be
sure and validate that the loan still thinks it has the correct number of
payments due for the correct amount.

Glad I could help, thanks for the feedback/

"Jay Baker" <jaycsco[at]myway.com> wrote in message
news:1101949539.13225[at]sj-nntpcache-5...
- quote -

Thanks Dick for responding...

I was not careful enough when typing before. I should have said "the new loan
account doesn't show up as a transfer target in the old loan account."

Now having said that and spending probably waaaay too much time tinkering with
the accounts, I managed to get something working that appears to be similar to
the FAQ entry.

In my old loan account, I transfer the remaining owed to a special cash account
set up only for this purpose. I also add a 'Spend' entry in the cash account
equal to the closing costs, so that now the balance in the special cash account
is the same as the new loan balance.

I then create a new loan account for the whole amount borrowed (old loan payoff
plus closing costs).

This is where things get tricky (as though they weren't already!) I now transfer
the entire balance of the special cash account to the loan account, but of
course, this now has the new loan account double what it should be. So, to
finally finish, I use the balance adjust option in the new loan account to set
the amount originally borrowed to $0, so that only the transferred amount is
left. I manage this by dating the transfer from the cash account to be the day
after the loan was originally gotten.

It may not be the best way, but it was the only way I could figure out how to do
this using Money 2005. As far as I can tell, they have removed the old refinance
option completely.... either that, or it's well hidden.

At any rate, I much appreciate your continuing help on this msg board.

Thanks,
Jay



Dick Watson wrote:
- quote -

You MUST start with a loan payment transaction to make a Transfer (it will
be a Principal Transfer) to a Loan Account. Don't know why. It's just the
way the thing wants to work.

Note the info in the FAQ:

2nd transaction (a Loan Payment with one split element):
[temp account, pick one],[old payee],R,(yyy,190.96),Principal Transfer:[old
mortgage loan account],payoff amount of old loan

If this does bot help, please rephrase your wuestion as I must not be
understanding what you mean by "the old loan account doesn't show up as a
transfer target in the old loan account".

"Jay Baker" <jaycsco[at]myway.com> wrote in message
news:1101854577.289323[at]sj-nntpcache-5...
- quote -

Cal,

I tried what it mentioned and wasn't able to do the transfers. At least in
M05, the old loan account doesn't show up as a transfer target in the old
loan account. I must not be doing something right, but don't know what it
is.

Jay

"Cal Learner-- MVP" <via_newsgroup[at]please.tnx> wrote in message
news:koenq052juq37qomae7ro5f49hitdtv2uu[at]4ax.com...
- quote -

In microsoft.public.money, Jay Baker wrote:

- quote -


See FAQ available at http://umpmfaq.info/ for some useful
information.

I can't seem to figure out how to enter the refinancing for my home mortgage...
I thought there used to be a 'refinance' option somewhere that would walk me
thru, but I cannot find it anywhere in M2005 Premiere and the help doesn't list
one either. Anyone know where it might be hiding?

Thanks,
Jay