pre-existing loans
Posted: Sat May 13, 2017 1:33 am
Hi. I'm just getting to grips with LV and wondering how I enter pre-existing loans/mortgages.
I have a couple of rental properties which I have owned for a few years - one is on a mortgage and the other I purchased via a collection of loans. I am not sure how I make the first entries to deal with any legacy issues.
I wish to start my use of LV from Apr 6th this year. I have entered the accounts that I have, all the payments/expenses for April, a couple of properties, some tenancies and plan to update everything once a month. However, I am struggling with what to do about the loans. One mortgage I have had for 10 years and so wouldn't be able to start it from the beginning. Do I add the loans from the lending date around 18 months ago and enter every payment since or do I work out the figures owed on April 6th this year and start from there.
I suspect LV will show that I have the loan & mortgage figures in my bank account if I start it from Apr 6th (or whenever), if I then add a payment for property purchase to remove the amount from my bank account then the Fixed Assets figure is/will be wrong - does this matter?
Any suggestions on how to go about this would be gratefully received, many thanks. I am currently using the standard subscription.
Jimmy
I have a couple of rental properties which I have owned for a few years - one is on a mortgage and the other I purchased via a collection of loans. I am not sure how I make the first entries to deal with any legacy issues.
I wish to start my use of LV from Apr 6th this year. I have entered the accounts that I have, all the payments/expenses for April, a couple of properties, some tenancies and plan to update everything once a month. However, I am struggling with what to do about the loans. One mortgage I have had for 10 years and so wouldn't be able to start it from the beginning. Do I add the loans from the lending date around 18 months ago and enter every payment since or do I work out the figures owed on April 6th this year and start from there.
I suspect LV will show that I have the loan & mortgage figures in my bank account if I start it from Apr 6th (or whenever), if I then add a payment for property purchase to remove the amount from my bank account then the Fixed Assets figure is/will be wrong - does this matter?
Any suggestions on how to go about this would be gratefully received, many thanks. I am currently using the standard subscription.
Jimmy