Input Completion Statement

[michael_ho]

I have recently remortgaged a property and received the completion statement from the Solicitor.

It shows a bunch of charges, and a total amount due to me on completion. This sum was received into my company bank account.

I was hoping to get some advice from you seasoned LV users, as to how to input the Mortgage Advance and the mortgage redemption.
I wish there was an example of this in the Knowledge Base.

The amount of the Mortgage Advance on the statement is lower than the actual mortgage account. I assume that it is a timing difference, but I don't know where to make the entries.

Similar with the Mortgage Redemption. That varies to the entry I made in LV. I guess I have to transfer from Mispostings but nothing I've tried so far seems to replicate the Completion Statement.

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See attached sample of the Completion Statement.

I appreciate any help in advance.

Thank you

[roy]

Hello Michael

Thank you for contacting support

You can contact us directly via the Helpdesk rather than posting personal data to the forum. We would be happy to assist you there

In this case, we will use the Mispostings account as a kind of holding account to record the actual payments
Close the mortgage in Finance Manager and set the bank account to Mispostings
On the new mortgage set Loan Paid To > Non-Bank Account > Mispostings
Record the remaining fees in Property Manager > Expenses. Record a payment to the Mispostings account, not the bank account

Finally, go to Account Manager > Journals and record a transfer from the Mispostings account to the bank account for the sum you actually received. You can then reconcile this with your bank account

Kind regards
Roy