How to record the introduction of funds to the property account

[darrenmoo0]

Hello,

I have transferred funds in to my Property Bank Account, which I intend to use to pay off one of my mortgages, and I wish to track this transaction in Landlord Vision (LV).

My properties are all owned in my own name but, if my understanding is correct, the way LV is set up means that the transaction should be treated as it would be if they were held within a company structure.

If so, based on previous advice, I believe that I need to record the introduction of these funds as a 'Directors Loan'. If this is the case, please would you confirm that the steps below are the correct ones to take:-

1. Access - Journal - Add Journal

2. Select - Account - Directors Loan - Credit Amount (Sum of Funds to be Introduced)

3. Select - Account - Bank Account - Debit Amount (To Credit Funds to Bank Account)

As there is no 'Directors Loan Account' currently set up in my LV 'Chart of Accounts' please would you advise me, step by step, how to do this as I am not sure under which category this account should be created.

Many thanks,

Darren

[roy]

Hello Darren

Thank you for contacting support

Your method is correct. Credit the director's account and debit the bank account to show the money moving from the director to the bank.

You don't have to call it a director's loan account, you could call it the owner's current account. Either way in this instance it is an Liability account

Kind regards
Roy

Edit: Original posting was incorrect. Equity account changed to Liability account

[darrenmoo0]

Hi Roy

So if I set up the account as below, would this be correct?

Chart of Accounts - Equity - Add Account

Account Type: Equity

Account Name: 'Owner's Current Account'

Kind Regards

Darren