Yes, I forgot to mention that aspect: sometimes you have to type out the
category/account name/special category because Money designers though you
wouldn't need it to do things their way even though you do need them to do
things in perfectly acceptable ways.

Indeed, as note the sign math can take some futzing with: I notice my
example got both the principal transfer and asset account transfer signs
backwards. And so it goes.

Glad we could help you sort this out. Thanks for the feedback.

"Arthur" <Arthur[at]nospam.org> wrote in message
news:2FEDAFC5-F868-404B-8292-4B3D95AB45D1[at]microsoft.com...
- quote -

Thanks a lot Dick: I did it. Found that the Transfer to the property Asset
account must be negative. It was a long process though because in the Split
allocations box, the Category pick list does not have a scroll bar so you
must know exactly what the account and category names are.

Thanks again,

Arthur
----------------------------------------------
"Dick Watson" wrote:

- quote -

My assumption--not made clear, sorry--is that you would enter the whole
thing, or most of it, in a ":Loan Payment : [name of loan]" transaction in
the account where you deposited your proceeds. The only reason for the Loan
Payment form is to get the Principal Transfer. The whole transaction adds up
to be a positive deposit into, say, your Checking account. But the magic is
that one line in the Splits called Principal Transfer. Again, as you note,
this should look more or less like the settlement sheet.

Loan Payment : [name of loan account] splits kinda like this:

Principal Transfer : [name of loan account] -payoff amount
Transfer:[asset account] +total value of asset; i.e., sales price--asset
ends at $0 and may need additional transactions entered in that account to
do so. Let's say your asset was at $250,000 and you sold it for $330,000.
Here you enter the $330,000. The asset account is now -$80,000. Go enter a
transaction in that account $80,000 Investment Income:House Capital Gain or
similar. Then close the asset account.
[mortgage interest category] -interest expense to closing. Because of
rounding, etc., errors over time, the loan balance also may not be exactly
at $0. That you can adjust with a transaction in the loan account.
[utilities] -settlement amount.
[taxes] +/-adjustments. May also be a transfer in/out of Escrow to get the
escrow account to $0. Then you can close it as well.
-----------
+your net proceeds from the sale

You may have to mess around with this a lot to get it right. Getting the
signs right can be complicated. If you have a Money account representing an
escrow account, you may have another transfer element in there. There is no
one right answer, BTW.

You can always make multiple transactions that add up to $0 and enter them
in just about any account you want just as a place holder to put all of the
transaction elements.

See http://umpmfaq.info/faqdb.php?q=110 and its link to
http://umpmfaq.info/faqdb.php?q=86 for some more info.

"Arthur" <Arthur[at]nospam.org> wrote in message
news:6D350001-FE96-4A9D-A41E-EE295D2C0BD4[at]microsoft.com...
- quote -

Thanks Dick but I am not successful trying the method you described.

1) If I try to make an Extra payment, Money wants to know what account the
money is coming from: there is not any (the money was paid directly by the
title company, all I get is a check for the net proceed of the property sale);

2) If I try Other, Money wants to transfer money from the corresponding
Asset representing the property for which the loan was taken. If I change the
category to say "Mortgage Principal", then proceed to enter the remaining of
the settlement items, it is impassible to balance the transaction: the
ammount paid to pay off the mortgage is the amount "Unassinged" when all
numbers from the HUD have been entered.

Arthur

"Dick Watson" wrote:

- quote -

You are on the exact right track except for one key issue. As you note,
Money makes it unnecessarily difficult to transfer to a Loan. The way to do
this is start with a Loan Payment to the Loan. In the splits, you can delete
the interest component--though there may be one you can use from the
settlement sheet--and add as many other things as you wish for the taxes, et
al. The secret is the Principal Transfer. A Loan Payment has one of these
and it's the only way to transfer to the Loan. Change its value as required.

If all works out, your Loan balance should be very close to $0. You can
enter an adjustment in the Loan Account (IIRC) to get it to $0 and then
close the Loan account.

See if that helps. Post back with any questions. Mortgage refis, etc., are
one of the two most complex things most people try to model in Money.

"Arthur" <Arthur[at]nospam.org> wrote in message
news:0591E802-5507-4459-894C-8BE30B78253C[at]microsoft.com...
- quote -

I sold my home and paid off the mortgage. How does one payoff the mortgage in
Money???

The logical approach seems to be that it is closed by a money transfer done
by the titile company that handled the escrow for the sale. I sat down with
the HUD doc from the title comapany and proceded to enter all the money
movements therin (sale tax, net pay, commissions, etc...) but when it cam
down to enter a category for the mortgage payoff, there is no way to make a
transfer to the lown account (the loan account is not offered as a possible
money tranfer account).

So how does one enter a HUD statement in Money?

Thanks,

Arthur