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How to record property purchase inc. equity

Tips and advice on how to use Landlord Vision.
christop10
Posts:3
Joined:Wed Jun 13, 2018 9:04 pm
How to record property purchase inc. equity

Postby christop10 » Fri Aug 17, 2018 3:05 pm

Hi All,

I am just starting to use LV. I am purchasing a property through a LTD... £180k, £36k equity (by way of directors loan) and £144 mortgage.

I can set up the property and the mortgage in LV - but I wondering how I record the D loan / equity?

Thanks,
Chris

roy
Posts:59
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: How to record property purchase inc. equity

Postby roy » Thu Aug 23, 2018 4:36 pm

Hello Chris

Thank you for contacting support

Nowadays it is possible to record payments from non-bank accounts, as well as bank accounts. That means we can set up like this

Before you start, go to Settings > Chart of Accounts
Create an Equity account called Director's Loan Account if you don't already have one. Tick the box marked Allow Payments From/To Account
Enable the Allow Payments From/To Account box on Mispostings as well. Once you have completed up to here, you wont need to do it again

In Property Manager > Expense: Record an expense for the purchase of the property for £180,000. Do not record a payment yet
In Finance Manager > Mortgages and Loans: Record the mortgage for £144,000
If the loan was paid to you, set Loan Paid To Bank Account, if not, set Loan Paid to Non-Bank Account: Mispostings
Record a payment to the expense for £144,000 from whichever account you paid the loan to in the previous step
Record another payment to the expense for the remaining £36,000 from the Director's Loan Account

Kind regards
Roy

ewaobriena
Posts:1
Joined:Thu Oct 26, 2017 2:19 pm

Re: How to record property sale with mortgage

Postby ewaobriena » Sat Jun 05, 2021 5:21 pm

Could you advise on how to record the property sale with full mortgage repayment and capital gain?

roy
Posts:59
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: How to record property purchase inc. equity

Postby roy » Mon Jun 07, 2021 2:31 pm

Hello

Thank you for your reply

To record the property sale, go to the following locations

Property Manager > Properties > open the property > edit > tick Property Sold and record the date and amount. This will stop the property being marked as vacant and also update the Capital Gains report
Property Manager > Income > Add Income and record what you have received from the sale
If you have any outstanding mortgages on the property, go to Finance Manager > Mortgages and Loans > open the mortgage and click Close Loan to mark the mortgage as redeemed

Kind regards
Roy


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