I need to account for my commercial mortgage in Sage.
Can someone please tell me if I should book an entry to Freehold Property and how I should account for the loan ?
Thanks
JeremyM[/b]
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Commercial Mortgage
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brucedenney
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The bank receipt of the monies arriving from the Mortgage loan come to the bank account from the mortgage loan account, (you might need to create one around 21xx it is a large enough creditor to warrant it's own account.)
The payment for the purchase goes from the Bank account to the fixed asset account (00xx again you probably want to create a property account)
As repayments are made, the interest part goes tot he P&L account finance section 79xx and the repayment goes against the Mortgage loan 21xx account.
The payment for the purchase goes from the Bank account to the fixed asset account (00xx again you probably want to create a property account)
As repayments are made, the interest part goes tot he P&L account finance section 79xx and the repayment goes against the Mortgage loan 21xx account.
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