Mortgage - personal account

Pinetree

Hi...

Not sure if I have things set up correctly in Wave and would like some help...

I've set up a Mortgage Liability account, which is now connected to the bank. In my bank-connected checking account, I see a mortgage payment that I want to categorize. I also see the corresponding payment inside the Mortgage Liability account. When I go to categorize the transactions, I start with "Transfer to bank, cc or loan" inside checking and then see the corresponding amount/date in the Mortgage Liability Account. Wave connects the two transaction, but when I try to split them into principle and interest categories (which I also set up in Chart of Accounts), then it either removes the connection between the two or ignores what I entered.

What I want to happen is that when I categorize the checking account transaction, it get reflected in the Mortgage account.

Please let me know how I might achieve this.
Thank you...

Alexia

Hi, @Pinetree,

That might be a limitation of the bank connection for this mortgage account that won't make the difference between the main amount of the mortgage and the interest on that mortgage. If you want to track them completely separately, you'll have to hand your mortgage entirely manually. I'm happy to show you how to handle this if that's your case.

If you want to keep this connection active, you won't be able to easily separate the amounts from your mortgage itself and from the interests.

Pinetree

Thanks Alexia... Jordan from Wave support sent me the following which worked for me an may be good for others in this community to see...

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I think the issue here is importing the Mortgage account into Wave is creating the multiple transactions. What would actually be easier is to delete the payment to Mortgage Liability account. This way rather than completing a transfer, all that would be necessary would be to split the payment made from the checking account and assign each part of the split to the appropriate account.

Essentially the steps would appear like this:

Delete the payment transaction currently within the Liability Account
Split the expense transaction from the checking account into two parts: Principle and Interest
Assign the principle to the liability account
Assign the interest to the interest account

Alexia

Thanks for following up and sharing, @Pinetree!