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Bank Account Balance Query

Tips and advice on how to use Landlord Vision.
mikedenove
Posts:4
Joined:Sun Jul 16, 2017 8:50 pm
Bank Account Balance Query

Postby mikedenove » Sun Jul 16, 2017 11:43 pm

Hi, new to Landlord Vision and in the process of setting up.

I've added a Bank Account, including an opening balance (as an example, let's say £5,000), and also within the Finance Manager section added a new mortgage/loan (an an example let's say £40,000); however when viewing the Bank Account, it's showing it heavily in the red (-£35,000) due to the outstanding mortgage.

Why doesn't it show the actual balance, or is this something I have done wrong?

roy
Posts:80
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: Bank Account Balance Query

Postby roy » Mon Jul 17, 2017 10:02 am

Hello

Thank you for contacting support

The Finance Manager records that you have received £40,000 for the use in purchasing a property, you now need to record that this purchase has been made. Go to Property Manager > Expenses > Add Expense and fill in the details to match up the amount of the mortgage.

Create a supplier as either the name of the property, or one called Properties
Set the Cost Type to Capital
Set the Amount to be the value of the mortgage
This will now contra off the £40,000 in the bank account and leave you at £5000 again

Kind regards
Roy

LowellHar
Posts:1
Joined:Thu Jul 27, 2017 9:58 am

Re: Bank Account Balance Query

Postby LowellHar » Thu Aug 03, 2017 5:26 pm

Hi, new to taking creating on a daily basis and in the process of setting up.

I've added a Bank Account, opening balance (as an example, let's say £5,000), and also within the Finance Manager section added a new mortgage/loan (an an example let's say £40,000); however when viewing the Bank Account, it's showing it heavily in the red (-£35,000) due to the outstanding mortgage.

Why doesn't it show the actual balance, or is this something I have done wrong?
Thanks for explaining that Roy, I was confused too.


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