I will review your comments shortly and reply back.

Thank you in advance.

"Chris Cowles" <spam_magnet[at]remove-me-bellsouth.net> wrote in message
news:OeNJZO4BHHA.3604[at]TK2MSFTNGP03.phx.gbl...
- quote -

And you have to accept that the interest rate might not match EXACTLY what
your bank said it is. Money cannot always calculate all the figures exactly
as a given bank does. But at the end of the year, the difference in
interest vs principal balance will be measured in pennies, and you can
enter a balancing transaction directly in the loan account. Decrease or
increase principal to balance with your bank. It should be categorized as
interest, and the annual interest total should match the bank, as well.

You must leave one blank field in the loan setup process for Money to
calculate. Also, it's usually best to let Money figure out the split
amounts for the principal and interest.
--
Chris Cowles
Gainesville, FL



"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:eq4mTU3BHHA.3540[at]TK2MSFTNGP03.phx.gbl...

- quote -

Fix which?

You need to go into the loan account details change terms stuff to make sure
the loan is setup correctly. Correctly, in the case of an interest only
loan, is a balloon amount equal to the original loan amount. Don't try to
define the interest rate. Use the Interest Payment from you lender as the
periodic payment. Money will back into the rate from the other information
you've provided. Assuming you get sane results, hopefully matching what you
had, you can just cancel the change if there is no difference.

Once you are past that, then the question is: are the transactions you've
already recorded, using the expense category rather than the special Loan
Payment category, equal in amount to the P+I (in your case only I) loan
payment that you put in to the loan terms above? If not, then you are going
to have to hand adjust the split of each Loan Payment to match the reality
of your situation, preferably from statements from the lender. I believe you
can do this when converting an existing transaction from an expense to a
Loan Payment but can't test it from the computer I'm using right now. I'll
try to post an example later.

It MIGHT be easier--don't know your full circumstances re. downloaded data,
et al.--to create a new Loan Account, create all new payment transactions to
match the transaction history, then delete the old "payments" and the old
loan. If you do this by all means WORK IN A COPY of your file till you get
everything sorted out. That way you can back out if something still isn't
working.

"Apr" <noreply[at]mail.com> wrote in message
news:%23NHD742BHHA.996[at]TK2MSFTNGP02.phx.gbl...
- quote -

When edit the payment to convert it, I found my "Loan Payment: 10 XYZ"
which is my mortgage account under 'Special'. When I change it, I get ' The
sum of the splits does not match the total transaction amount'. It think
this is because the initially the mortage calculation is wrong. The details
I put in just increase the total and I am unable to get it to the amount I
pay monthly. So if I goto the Mortage Account, and create a New Transaction
for a regular payment, it does not give the interest only amount which is
what I pay. Do you know how to fix this?

Thank you.
Regards

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:eZbB%23oqBHHA.4740[at]TK2MSFTNGP03.phx.gbl...
- quote -

You should be able to--one-by-one, starting with the OLDEST wrong
transaction--convert from Loan : Mortgage Payment to Loan Payment : [name of
mortgage account].

"Apr" <noreply[at]mail.com> wrote in message
news:es5ytUqBHHA.2316[at]TK2MSFTNGP04.phx.gbl...
- quote -

Ok the existing transactions, as you mentioned are all wrong...((

Anyway let's hope that it gets right in the end... )

Yes, for my Mortgage> Change account setting> Change loan terms button is
there.

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:%23b$awHqBHHA.3540[at]TK2MSFTNGP03.phx.gbl...
- quote -

Yup. But I think you are already setup correctly and just your "payment"
transactions are munged up. Confirm or disprove this by going to the loan
account page and then setting and looking for a button there to Change Loan
Terms.

"Apr" <noreply[at]mail.com> wrote in message
news:uFTAP2nBHHA.1196[at]TK2MSFTNGP02.phx.gbl...
- quote -

inline...

"Apr" <noreply[at]mail.com> wrote in message
news:%23UHajqnBHHA.3228[at]TK2MSFTNGP03.phx.gbl...
- quote -

Loan : Mortgage Payment is ***just another expense category***. Loans :
Mortgage Payment has no more to do with reduicing the balance of another
account in Money than, say, Food : Groceries. You could rename it Useless :
Loan Payment and it would still do no good vs. the problem at hand. It has
no magic. It is not Loan Payment:[name of an account]. That's a "Special
Category". Loan : Mortgage Payment is just another expense category.

- quote -

Transaction Forms can create confusion in how things are displayed for some
users and certainly complicates the communications here as many of us
haven't used the forms in a decade or more so don't think in terms of what
you are seeing.

- quote -

Well, this is no surprise if things are categorized Loan : Mortgage Payment.

- quote -

Well, let's get the existing payment transactions sorted out first. Then we
can move on to this problem.

one more... how to do switch my Morgtage account to "track transactions and
other details" then get the Special feature...? Maybe I should just delete
and start again?


"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:eWSfsJeBHHA.4844[at]TK2MSFTNGP02.phx.gbl...
- quote -

pse see inline...

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:eWSfsJeBHHA.4844[at]TK2MSFTNGP02.phx.gbl...
- quote -

the Transfer method and it seems to be logical. Well, I have just tried to
setup a Loans Due to Me using 'Track transactions and other details'. Money
is now displaying 'The loan account values you entered do not work together.
Please go back and change the numbers or leave one value blank for Money to
calculate for you'.

- quote -

Back to your earlier comments, I checked the settings for Loans Due to Me
and it is setup as a Liability (not an Asset). Is it ok because earlier you
mentioned that it is still my asset. When I changed it to asset, it was
removed from Loans and Liabilites Account List. (I have changed it back
now).

I tried doing a Transfer from the Chq Account to Loans Due to Me. The total
is a positive amount and in black (compared to the mortage). Would this be
indicating that it is an asset.
- quote -

pse see inline...sorry the replies are a bit messy with many threads.. I
will try to merge them...

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:%23irWhMeBHHA.4472[at]TK2MSFTNGP03.phx.gbl...
- quote -

Loan: Mortgage Payment.

- quote -

that make a difference?

I have a few only entries which were entered manually a long time ago. I
have all my mortage payments categorised as they are paid out of the Cheque
Account, but they are not being displayed in the Mortgage Loan Account.

If I try 'New Regular Payment', it calculates the incorrect monthly
monthly... I'm sure I entered the correct amounts. I thinks it's maybe the
Principle + Interest par which is wrong... I have tried in earlier threads
to fix this but now I've tried 'New Transaction', I realise it's wrong...

Thanks again, for your assistance. It is greatly appreciated.

- quote -

One more comment:

As I try to aggregate all of your threads, I conclude you probably have the
mortgage loan setup the "correct" way for tracking transactions based on
your discussion re. interest only. You should be able to create a new bill
and/or revise existing transactions to be Loan Payment:[name of loan
account] category.

If you can't seem to get that to work, there are lots of possibilities. Are
you using Transaction Forms? Turn them off. Are you trying to edit existing
transactions? Try creating new ones to replace the existing ones.

"Apr" <noreply[at]mail.com> wrote in message
news:uTcTisdBHHA.2140[at]TK2MSFTNGP02.phx.gbl...
- quote -

IF you setup the Loan Account using the option of "just track the total
value"

THEN the Loan Payment:[name of loan] special category won't be available,
more precisely won't work, and the Loan:Mortgage Payment Expense Category
will not transfer anything to the Loan account and your only options will
be:

(
a) split the payments by hand according to statements from the lender.
Example: say you paid £500.00 of which £400.00 was interest and the balance
applied to the principal, you could split the £500.00 transaction into
£400.00 Interest:Mortgage Interest and £400.00 Transfer:Loan Account. (Or
are you all using ? now?)

OR

b) just use Loan:Mortgage Payment as the category of the payment
transactions and adjust the balance of the loan account by hand as you get
updated balances on statements from the lenders. These two are completely
disconnected events as far as Money is concerned.
)

ELSE all of this is ***the reason why*** the alternate choice of "track
transactions and other details" exists when setting up a loan account. Down
that track, you define the Loan Account in terms of interest percentage and
term and so forth. Then you--or the loan account setup genie--create a bill
that uses the Loan Payment Special Category. The Loan Payment is a magic
form that combines an interest expense transaction with a transfer
transaction: A Loan Payment *automagically* knows how to split itself into
an interest expense component using an Expense Category you picked when you
setup the loan account and a Principal Transfer component. The latter amount
will show up in the loan account (back to the maqgic of Transfer) and reduce
its liability balance.

To your other thread, if you setup a Loan that tracks transactions where you
are the lender, the same can happen in reverse.

"Apr" <noreply[at]mail.com> wrote in message
news:uTcTisdBHHA.2140[at]TK2MSFTNGP02.phx.gbl...
- quote -

Thank you. This part has worked. I have also tried the
additional/alternate answer to Q1 below.

"Chris Cowles" <spam_magnet[at]remove-me-bellsouth.net> wrote in message
news:%23EEcteVBHHA.2140[at]TK2MSFTNGP02.phx.gbl...
- quote -

Q1. I am pretty new to Money. I cannot remember if I setup the account as
a Money Loan Account, but it sounds right. I did it many months ago. I
think it setup one entry for the mortgage but I haven't used it since - I've
just been updating the balance. All my mortgage payments are allocated to
Loan:Mortgage Payment. I went to this category and tried to find the
'Special Transfer' option as mentioned in the above message, but it is not
there.... doe this mean I have to manually go to each item and change them
to 'Special Transfer'?

Also the Bill may have been setup automatically but recently I have amended
it but it doesn't feed the Mortgage Account.

Thank you and regards.

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> wrote in
message news:Oq4kzXZBHHA.3560[at]TK2MSFTNGP04.phx.gbl...
- quote -

Some additional/alternate answers below.

"Apr" <noreply[at]mail.com> wrote in message
news:OPezOXVBHHA.4844[at]TK2MSFTNGP02.phx.gbl...
- quote -

Did you setup the mortgage as a Money Loan Account? (When setting it up this
way you would have been asked for things like number of payments, principal
and interest amount, etc. I infer that you probably did set it up this way
based on your Q3.) If it was setup this way, the wizard that creates the
loan account may also already have scheduled a Bill for you that will
already pay the mortgage payment.

Re Q2 - see http://money.mvps.org/faq/article/82.aspx

--
Regards
Bob Peel,
Microsoft MVP - Money

For UK tips & fixes see
http://support.microsoft.com/default...d=fh;EN-GB;mny.


I do not respond to any emails that I have not specifically asked for.

"Chris Cowles" <spam_magnet[at]remove-me-bellsouth.net> wrote in message
news:%23EEcteVBHHA.2140[at]TK2MSFTNGP02.phx.gbl...
- quote -

Q1: Categorize them using the 'special' loan payment choice at the bottom
of the category dropdown list.

Q2: No clue.

Q3: Your Principal+Interest amount is the same as your Interest only
amount, since principal = 0. Principal+Interest distinguishes between the
portion of the payment made to satisfy the loan terms, versus any funds
escrowed by the lender to pay taxes and insurance. Set a balloon payment at
the end of the loan period equal to the initial principal. The payment will
therefore apply only to interest + escrow.

"Apr" <noreply[at]mail.com> wrote in message
news:OPezOXVBHHA.4844[at]TK2MSFTNGP02.phx.gbl...
- quote -

Q1. Please can you let me know how to ensure that my Mortgage payments are
'pulled' into my Mortgage account, from my Current Account, as I would like
to track my payments.

Q2. Please can you let me know what the blue zigzag next to the name of my
Mortgage Account means?

Q3. I wanted to 'Update my Interest Rate' but I don't know my Principal +
Interest amount as I pay interest only. Therefore it calculate my monthly
payments incorrectly. What do you suggest I do to get it correct?

Thank you for your assistance in advance.
Kind regards.