Tracking and inputting refinance

Good morning,

So I refinanced my home.  I rolled in my HELOC as well to clean things up and secure the interest.   Here is what I had. 

HELOC ( Budget Account) Mortgage OLD ( Tracking account).  The old mortgage got paid off and the HELOC got paid off leaving transaction reflecting that on there ledgers.  How should I categorize these ? If I just delete the accounts all the spending from the HELOC goes away, if I transfer to the new mortgage it makes the new mortgage need a category..

 

Thanks

Tim

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  • I guess the second question would be should I have the mortgage on of off budget?  That might make a difference.  In short how do you categorize (input) the transaction of paying off and "On budget" account with a tracking account.  

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  • Method 1: Create a new mortgage account as a tracking account with zero balance. Transfer funds to the old mortgage to pay it to zero. Transfer funds to the HELOC categorized to Ready to Assign to pay it off. If the balance of the new mortgage is off, do a balance adjustment.

    Method 2: Adjust old mortgage to zero. Adjust HELOC to zero (categorized to RTA). Create a mortgage account with the correct balance.

    Method 3: rename old mortgage to new mortgage and adjust balance.  Adjust HELOC to zero (categorized to RTA)

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    • tgpratt Just jumping in here to affirm that all of the above should work great! No matter which you choose, once the HELOC (and potentially the old mortgage account) have $0 balances, you can go ahead and close them if you'd like! 

      And if you run into any snags along the way, feel free to enable Support Access and let me know if you'd like for me to take a peek! I'll be happy to help out 😊 

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