Classifications

[David]

Having read forum messages about classifications, I'm a bit stuck. I want to
use classifications to monitor 2 rental properties, but am having problems.

While I can classify regular transactions easily as say "1 Main Avenue, New
York" - I can't seem to set up mortgages and other loans for this account
with a classification. This seems to be a showstopper for me as it means I
could classify indiviual and one-off transactions but not regular payments.

I've also tried to re-classify existing transactions (e.g. mortgage payment)
to this property, but when I try to do so, it warns me that I will lose all
the loan information (e.g. categories), and even when I select OK and
re-enter the category it sill ignores the classification information I've
added.

Is my thinking above correct and has anybody managed to get a way to
completely track all transactions by an individual property? Any help would
be appreciated.

David

 

[Glyn Simpson, MVP]

You can't attach a classification to an account, but can do to certain
transactions. For the loan transaction, this is actually two transactions -
one for principal, the other for interest. The principal would be changed
from the loan account for the property - not on the loan transaction in the
account you paid it from. (you'll need to confirm that classifications can
be used here, as this is effectively a transfer transaction). The loan
interest may be changeable, but I'm not sure - I am pretty confident you
can't change it within the split loan transaction - how about seeing if it
can be done by going to the category and changing it there?

 

[David]

Thanks Glyn,

BTW - I am using MS Money (Ver. 14) UK edition.

I've tried changing the classification from all possible screens but I'm
pretty sure it can't be done for an individual transaction that is linked to
a loan or mortgage. I have to admit, I didn't totally follow your response
below, but I've tried your suggestion and can't see any option within Money
to let you note loans either in default setting up the loan or manually when
you process a transaction to assign in to a classification.

My gut feeling is that MS had some sketchy thoughts that an additional
classification system would be useful, but didn't think it all the way
through the implementation.

However, thanks for trying. Anyone else found a work around??

 

[Rednelle 31]

An almost universal 'work around' is to put some unique 'string' in the memo
field and create a report sorted on it.

### * might mean the first rental property
### ** might mean the second rental property

So in a report you can filter on either string; sorting on just ### will
obviously give both properties.

HTH

Rednelle

 

[Rednelle 31]

Silly mistake

Use ### ^ to mean the first property - not ### *

Rednelle