I'm trying to figure out how to properly account for a home loan refi. The old loan payoff amount is let's say $90,000. The new loan is $150K.
When I create the new loan it shows up with an opening balance of $150K. Q's instructions on refi ("Track a loan I'm refinancing") says
Select the Opening Balance transaction. Click Split. In the Split Transaction dialog:
Enter the payoff balance of the old loan as a transfer to the liability account for the old loan. The old loan account should now have a balance of $0.00
The problem with the above is that the new loan amount is now (in my case) $90K + $150K or $240K. I need the new loan amount to remain at $150K but tell Q how to allocate it correctly. Can someone advise Please?