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Purchase new property & taking money out

Tips and advice on how to use Landlord Vision.
m_hobbshot
Posts: 2
Joined: Wed Apr 01, 2020 2:37 pm

Purchase new property & taking money out

Postby m_hobbshot » Fri Oct 02, 2020 11:36 am

Hi,

I am trying to work out how best to reflect money from the portfolio being used towards the purchase of a new property. Does anyone have any ideas?

Also if I wanted to take money out of the business, would this need to be reflected via the Director Loan journal method that others have suggested for adding money to the portfolio?

Thanks in advance.

Mark

roy
Posts: 46
Joined: Tue Aug 23, 2016 11:38 am
Location: United Kingdom

Re: Purchase new property & taking money out

Postby roy » Thu Oct 15, 2020 3:01 pm

Hello Mark

Thank you for contacting support

To show money from the portfolio being used toward the purchase of a property, presumably as a deposit, record a payment against an expense for the amount you are putting in. For example, if the property cost £100,000 and you paid £20,000, then create an expense for £100,000 in Property Manager > Expenses and record a payment of £20,000 from the bank account against this. There is a full breakdown of how to record this in the following Knowledge base article

https://landlordvision.userecho.com/kno ... y-purchase

Kind regards
Roy

m_hobbshot
Posts: 2
Joined: Wed Apr 01, 2020 2:37 pm

Re: Purchase new property & taking money out

Postby m_hobbshot » Fri Oct 30, 2020 10:13 am

Thanks for the reply - I think that covers using business funds to purchase another property.

How about if I just want to take money out of the business?


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