This has been a frequent topic for a while. Check out the archives for this
group at http://groups.google.com or see the FAQ at
http://www.bollar.org/msmoney/#Q86. Several people have complained that it
isn't clear but none have offered better inputs. You might also see a thread
earlier this week about a house sale.

"Dave Sep" <DVS[at]Cape.com> wrote in message
news:237701c38365$83cd20e0$a301280a[at]phx.gbl...
- quote -

I had a great reply to this same question when I
refinanced back in March. Unfortunately the search
feature does not seem to want to search Money or Money
Central for me and find the inquiry so that I can point
you to it. So I will try to explain what I did but I am
sure it is not as good as the explanation I got.

Set up a cash account for closing. I just called
it 'Closing mortgage name'. Make a deposit (receive)
into it from your new loan company for the total amount
of the loan. (there is not tie in to the actual loan
setup) The BIG thing is to do the transfers in the split
for that deposit.
So my split looks like:
Other income: loan principal received; total refinance;
xx,xxxx.xx
Then the rest is everything off the closing paperwork as
a minus, for example (not everything is listed here)...
banking:fee (or however you want to categorize this);
loan discount; (xxxx.xx)
banking:fee; tax related services; (xx.xx)
banking:fee; application fee; (xxx.xx)
transfer to: home escrow (my holding account since I
track these); 6 mo hazard ins; (xxx.xx)
transfer to: home escrow; 1st half taxes pd at closing;
(xxxx.xx)
transfer to: Checking account; cash out from closing;
(xxxxx.xx)

Then from the Closing account make a loan payment (spend)
to the old loan
So mine looks like:
Old Mortgage Name; xxxxxx.xx; loan paymentld mortgage
name; memo total payoff refiance
The split shows:
Principal transfer: oldmortgagename; principal; xxxxxx.xx
mortgage interest (or however you track this); interest;
xxx.xx
banking:fee; fax fee; 10.00

These transactions made the Closing account balance reach
zero but allowed me to track all those things and payoff
the old loan. Then I just closed the Closing account.

I hope that made some sense. I am sure there is probably
another way and certain that some people don't track
things that I track. I hope it gave you some help.
Vickie
- quote -

I just swithched to MSM 2004 after 20 yrs of Quicken, so
far so good. I'm having fits ftrying to set up a mortgage
refi in which I pay off the old and keep some cash. I
assume that the loan account for the total mortgage
should transfer to an asset account ofr the house, anf
rom that account I can pay off the old mportgage and
transfer the excess cash into my checkbook, however, the
proram doesn't let me set these transfers up. I can't
even see the old loan account (although it is
still "open") on the drop down menu in the split register.

Can anyone offer my guidence on how to set this up? Many
thanks!

Dave