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Peter5
Level 2

How do I record Mortgage payment?

Hello, I like to record my mortgage payment by conciliate with bank feed? Can I enter the full amount in a mortgage account and make a entry journal at the end of the year to balance the principal and interest payments?

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Best answer January 08, 2019

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Rustler
Level 15

How do I record Mortgage payment?


@Peter5 wrote:

Hello, I like to record my mortgage payment by conciliate with bank feed? Can I enter the full amount in a mortgage account and make a entry journal at the end of the year to balance the principal and interest payments?


Yes you can, though the best practice would be to do the journal entry monthly, that matches interest expense with the monthly expenses

View solution in original post

1 Comment 1
Rustler
Level 15

How do I record Mortgage payment?


@Peter5 wrote:

Hello, I like to record my mortgage payment by conciliate with bank feed? Can I enter the full amount in a mortgage account and make a entry journal at the end of the year to balance the principal and interest payments?


Yes you can, though the best practice would be to do the journal entry monthly, that matches interest expense with the monthly expenses

View solution in original post

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