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Property purchase costs - through sollicitor

Tips and advice on how to use Landlord Vision.
laurentguy
Posts:1
Joined:Mon Jun 13, 2016 9:22 am
Property purchase costs - through sollicitor

Postby laurentguy » Wed Jul 20, 2016 9:56 pm

Hello,

Looking for some advice on booking property purchase where mortgage payment goes to solicitor and money is transfered to sollicitor account (for stamp duty etc) which in turns pays the appropriate companies - seller, hmrc etc. Sollicitor in itself is just a pass through.

Secondly on mortgages - when it is set up, i have to select an account (but note, may be bug, that if i later change the account, the mortgage does not move). However as per above, i have never technically received the money on my own account as was transferred from the bank to solicitor to the seller of the property. Appreciate I owe the money against the property but should not necessarily sit on the account as cannot be reconciled with a transfer to the solicitor.

My idea was to create a bank account called "sollicitor" acting as a passthrough

Thanks for your help. l.

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: Property purchase costs - through sollicitor

Postby emm » Thu Jul 21, 2016 10:38 am

Hi,

the Finance Manager module in Landlord Vision does not allow you to create a mortgage without choosing a bank account, i.e. the loan amount always goes to a bank account first. To work around this and reconcile the mortgages in your bank account, please follow the steps below:

1. Go to Account Manager/Journals/Add Journal and post the following journal entries:

DEBIT Fixed Assets {Loan Amount}
CREDIT Bank Account {Loan Amount}

Basically, with each pair of Debit/Credit transactions you will move the loan amount from the bank account to the Fixed Assets account.

2. Go to Account Manager/Bank Account and click on the bank account which you selected when you added the mortgages.
3. On the 'Account Transactions' tab, hover the mouse pointer over each loan received and loan spent transaction and from the cog menu choose 'Ad-hoc reconciliation'.

Regards.


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