Question
Loan Refinance Journal entry
I tried to create a journal entry for a loan refinance, but received an error to Select An Account for this transaction and I don't know why?
| Type | Account | Description | Debit | Credit |
| Liability | Loan Payable | Loan #9517 | $ 2,971,275.56 | |
| Asset | Property Costs | Appraisal Fee | $ 2,500.00 | |
| Asset | Property Costs | Environmental Fee | $ 240.00 | |
| Asset | Property Costs | Flood Cert | $ 8.00 | |
| Liability | Loan Origination Fee | Loan Origination Fee | $ 15,398.61 | |
| Asset | Loan Escrow Account | Escrow Charge | $ 2,440.00 | |
| Asset | Property Costs | Recording Fees | $ 90.00 | |
| Liability | Loan Payable | Loan #24079 pay off | $ 2,658,457.89 | |
| Expense | Interest Expense | Loan #24079 Interest expense to 11/8 | $ 26,948.75 | |
| Expense | Interest Expense | Loan #24079 Interest expense 11/8/23 - 11/13/23 | $ 4,370.04 | |
| Expense | Finance Costs | Late fee | $ 1,231.28 | |
| Expense | Finance Costs | Recoupment fee | $ 79,753.74 | |
| Expense | Finance Costs | Reconveyance fee | $ 90.00 | |
| Expense | Finance Costs | Demand fee | $ 30.00 | |
| Expense | Finance Costs | Recording Fees | $ 120.00 | |
| Expense | Finance Costs | Wire fee | $ 25.00 | |
| Expense | Finance Costs | Fax fee | $ 10.00 | |
| Liability | Loan Payable | Loan #150610 | $ 169,173.68 | |
| Expense | Interest Expense | Loan #150610 Interest expense to 11/8 | $ 1,714.91 | |
| Expense | Interest Expense | Loan #150610 Interest expense 11/8/23 - 11/13/23 | $ 278.10 | |
| Expense | Finance Costs | Late fee | $ 78.35 | |
| Expense | Finance Costs | Reconveyance fee | $ 90.00 | |
| Expense | Finance Costs | Demand fee | $ 30.00 | |
| Expense | Finance Costs | Recording Fees | $ 120.00 | |
| Expense | Finance Costs | Wire fee | $ 25.00 | |
| Expense | Finance Costs | Fax fee | $ 10.00 | |
| Expense | Finance Costs | Recoupment fee | $ 5,075.21 | |
| Expense | Property Costs | Title Charge Loan #9517 | $ 2,667.00 | |
| Expense | Property Costs | Endorsements | $ 300.00 | |
| SUB TOTAL | $ 2,971,275.56 | $ 2,971,275.56 | ||
| Refund due to Buyer | $ - | |||
| TOTALS | $ 2,971,275.56 | $ 2,971,275.56 |