On 1/9/2018 1:40 PM, Tj Junior wrote:
Wondering if this is possible, the income statement appears to be the
closest I've been able to find. Looking to find a summary of income and
expenses summarized (e.g total over 1 year rather than by transaction), but
I'd like it to show what's paid towards loans as well. The income portion
is already there, it's the expense portion I'm having trouble with.
The portion of your mortgage payment that is applied to reducing the
principle of the loan is NOT an expense, which is why not showing on the
Income Statement report. It is a reduction of a liability (the mortgage).
In addition to running the Income Statement for a period you should run
a Balance Sheet for the start of the period (immediately before) and the
end of the period. It is there that you should see the reduction of the
liability.
Michael D Novack
PS: Strictly speaking, that portion of your mortgage payment that goes
into escrow to pay taxes when due, possibly also insurance premiums when
due, is also not an expense << the escrow account is a restricted asset
-- when funds from it are actually used to pay tax bills, etc. is the
transaction which is the expense >>
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