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Peter5
Jan 6, 2019 6:08 PM UTC
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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?

Rustler
RustlerAnswer
Jan 8, 2019 11:48 AM UTC
@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

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Rustler
RustlerAnswer
Jan 8, 2019 11:48 AM UTC
@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

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