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Adding Mortgage Payments

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Once you have set up your mortgage you are then required to add the Interest and Capital payment amounts. Haven't set up your mortgage yet? have a look at this article - Adding A Mortgage

You are required to record the respective interest or capital amount separately against the correct capital and interest accounts. When the mortgage statement comes in, then you update the expenses with the correct splits.

Alternatively, you can record the payments just as payments and then when you get the mortgage statement, record expenses for the capital and interest and then allocate - similar to some utility bills

Navigate to Bills > Expenses > Green + > Add Expense 

Date - Date of the Expense

Supplier - Mortgage Lender

Reference - Mortgage Reference 

Expense Items 

Amount - Amount of capital 

Category - Choose Mortgage & Loan Capital Expense 

Unit - The Unit or Units this Expense Item refers to

Description - Enter a description of this entry 

Click Add Another Item 

Amount - Amount of Interest

Category - Choose Residential Loan Interest

Unit - The Unit or Units this Expense Item refers to

Description - Enter a description of this entry

*Your one expense will have two items, one for the interest and one for the capital

If the Mortgage is a fixed rate you can set up an repeating Expense. 

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