Hi folks, newbie here. I’m confused how I should be categorizing things like loan and mortgage payments?
Let’s say I have a mortgage loan with $100k balance. Every month there’s a -$1,000 payment out of my checking account to the mortgage. Do I categorize that as a “transfer”? An expense? Something else?
To further complicate things: what if my mortgage is with a small, unsupported credit union, so there’s no matching +$1,000 transaction on that mortgage account? I have to manually update the mortgage account balance every month, which is fine. But again I’m confused how to categorize those checking account transactions every month?
Same question for car loans, etc.
Hope that makes sense. Thanks so much!