"I'm having trouble figuring out what the initial house purchase entry
should look like, though. Did you create something like an "assets:house"
account with 1 house in it? Or did you balance against "equity:house" or
something else?"
That's because buying a house is more involved than just plonking down a
mortgage. You are dealing with banks. estate agents, settlement agents,
escrow accounts etc. You also have fees, and taxes and sundry expenses to
account for. If you are reconciling the bank account in ledger with your
bank statement then you have to record it every time money goes into or out
of your bank account.
Otherwise you could go straight to the bottom line:
2021-02-06 someone
assets:house 1 house
liabilities:mortgage $ -X
expenses:house:fees and charges $ -Y
expenses:house:taxes $ -Z
bank:checking $ -W
On Friday, February 19, 2021 at 9:40:54 PM UTC+8 [email protected] wrote:
> Thanks for the responses! So it sounds like your monthly payments look
> something like:
>
> 2021-03-06 foo
> liabilities:mortgage:principal $ -X
> expenses:interest $ -X
> assets:checking
>
> I'm having trouble figuring out what the initial house purchase entry
> should look like, though. Did you create something like an "assets:house"
> account with 1 house in it? Or did you balance against "equity:house" or
> something else?
>
> 2021-02-06 someone
> assets:house 1
> house
> liabilities:mortgage $ -X
> assets:checking $ -X
>
> Thanks!
>
> On Mon, Feb 8, 2021 at 2:42 AM Alan Schmitt <[email protected]>
> wrote:
>
>> On 2021-02-06 23:31, Yuri Khan <[email protected]> writes:
>>
>> > On Sat, 6 Feb 2021 at 22:46, [email protected] <[email protected]>
>> wrote:
>> >
>> >> How do people track their housing/mortgage/interest in ledger? Do you
>> recommend just a simple "Expense:Mortgage" account or a more micro level
>> with e.g. "Expenses:Interest:Mortgage" and "Equity:House" for the
>> interest/principle?
>> >>
>> >> Any and all thoughts/tips/tricks welcome, thanks!
>> >
>> > I did pretty much that. The principal is a Liabilities subaccount
>> though.
>>
>> I do the same thing: I have a Liabilities account were the loan was
>> initially deposited (which balanced getting the cash in my account) and
>> an interest Expenses account. Each monthly payment is dispatched between
>> the two, slowly decreasing the Liabilities that remain.
>>
>> Best,
>>
>> Alan
>>
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