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Need help setting up an existing mortgage.
When I imported from Quicken, my mortgage account got changed to a liability account. What do I do? There does not appear to be anyway to setup a 30-year mortgage that has already had 5 years of payments on it. Do I have try to recreate it by adding a new mortgage account and then moving the transactions over? Can I even move transactions in MoneyDance??
I’m frustrated
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Inappropriate?I've also been trying to figure out how to go and edit the attributes of existing liability accounts (interest rate, term, etc.) after importing my data from Quicken, but I am pulling my hair out trying to find a way to do so. It seems like a bug or omission; you should be able to edit all the data that gets entered when you create a loan account.
I’m frustrated.
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Inappropriate?I waited till I had my yearly mortgage statement at end of December, then added a ‘balance adjustment’ transaction to correct the difference caused by the calculations not working properly.
I then opened a new loan (mortgage) account and completed the loan details, interest rate, and number of payments. For ‘Principal’ I entered zero, then transferred the balance of the old (liability) account into the loan account. I entered Specific payment, i.e. the current monthly payment, because ‘calculate payment’ did not give the correct figure. In the new mortgage account screen, Principal and interest appear to be calculated correctly. I then deleted the old reminder and added the new one. The old liability account still sits there of course, but with a zero balance now, it can be hidden. It does mean that to see the complete mortgage picture I have one account up to Dec 2008 and another from Jan 2009.
This perhaps seems a clumsy way of making the change, but it has worked for me as I am more interested in future finances, than historical. If anyone has used a slicker method I would be glad to hear of it.
Anne -
Inappropriate?I had the same guestion and found that you can select all the transactions in your old liability account by doing a "ctrl A" , then right click any place in the selected area to bring up a menu and then do batch change to the new account you set up beforehand. When creating the loan account leave the balance o.o and it will pick up that amount after you complete the move.
Carl
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This answers the question
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Thanks Carl. I have just followed your instructions and it all worked perfectly. It looks much better now. Thanks for taking the time to reply.
Anne -
Excellent. Just saw the reply and it works perfect. To restate Carl's solution for anyone else:
1. Import from Quicken will turn your mortgage into a liability account.
2. Create a new MD loan account. Set the principal to 0. Setup the interest rate and total number of payments over the life of the loan. Setup any escrow payment. Select "Specify Payment" and enter your total mortgage payment.
3. Go to the liability account. Select all payments (ctrl-a or cmd-a). Right click in the selected area, choose Batch Change->Account. Select the new loan account you just made. If you want a transaction reminder, let it set one up when prompted, but it will be wrong for now.
4. All of the transaction from the liability account will get moved over, including the initial balance, and all the principal payments.
6. Open the Loan account, and MD should now show the correct information on the right-hand side.
7. If you setup a reminder, you will see that it shows the wrong payment amount on the home page. Go to the Reminders screen, select the reminder, edit it, then click OK. Now it should be right everywhere.
Hooray!
