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Purchase new property & taking money out
Posted: Fri Oct 02, 2020 11:36 am
by m_hobbshot
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
Re: Purchase new property & taking money out
Posted: Thu Oct 15, 2020 3:01 pm
by roy
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
Re: Purchase new property & taking money out
Posted: Fri Oct 30, 2020 10:13 am
by m_hobbshot
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?
Re: Purchase new property & taking money out
Posted: Sat Dec 10, 2022 1:37 pm
by winstanley
I'd like to know this too. Did the question ever get answered anywhere?
Re: Purchase new property & taking money out
Posted: Fri Jan 06, 2023 12:58 pm
by roy
Hi all
It looks like this one was missed, sorry about that
We call money taken out 'personal drawings'. Please see the following Knowledge Base article which explains how to do this:
https://landlordvision.userecho.com/kno ... tors-loans
Kind regards
Roy