To record the property purchase, please follow this method. Consider a property bought for £190,000 with a mortgage of £155,000 and a deposit of £35,000. Enter the Purchase Price and Date in Property Manager > Properties > open the property > Edit > Purchase Details.
Record the mortgage in Finance Manager for £155,000. If the loan amount wasn't paid to your bank account, select Loan Paid To: 'Non-bank Account' = Mispostings.
Create an expense for the property purchase price and set the account to Fixed Assets. If the loan amount wasn't paid to your bank account, record a payment for £155,000 from the Mispostings account (to allow payments from/to the Mispostings account, go to Settings > Chart of Accounts > Edit Mispostings > tick Allow Payments From/To Account). Record another payment for the deposit of £35,000 from your bank account.
Recording a Completion Statement
If you have a completion statement and you want to record all of the items in the software, you can do this in Landlord Vision.
Property Purchase: Property Manager > Expenses > Add Expense.
Set the item to 'Property purchase' which will write the expense to the Fixed Assets account.
Fees: You can add the fees to this expense too. Keep clicking Add a New Line until you have all of the entries in. Use the appropriate expense item for the fees, i.e. 'Solicitor fee', 'Local authority searches', 'Land registry fee' and 'Stamp duty land tax'.
Monies paid by you: Record payment from the bank account against the expense.
Mortgage: Finance Manager > Mortgages and Loans > Add Mortgage. If the loan amount wasn't paid to your bank account, select Loan Paid To: 'Non-bank Account' = Mispostings. Next go to the expense and record payment but set the Account paid from to be Mispostings.
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