Make Mortgages play nice with reports
currently when you add a mortgage the financial reports think that mortgage amount is in your bank.
So I spoke to support team and they said you should create the cost of purchasing the house as an expense and add the mortgage amount as a credit note. Fair enough, makes sense I guess.
But that’s not all. Then you have to go to journal and add a credit and a debit of the mortgage amount for some reason and then you have to reconcile them. And of course reconciling isn’t part of the free subscription so I don’t even know if this will work until pay up. So basically free users who have mortgages won’t have foods to finances in reports.
Why is something that is as common as having a mortgage so complicated to enter correctly?
Customer support service by UserEcho
Hello
As of the update on the 9th January 2018, it is now possible to write the value of the mortgage to the Fixed Assets account rather than the bank account in these cases. This means there are no credit notes to enter or ad-hoc reconciliations to make. Although the reconciliation was not a required part of the process unless you are already reconciling your bank statements
Kind regards
Roy