Recording A Property Purchase
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You would like to record a property purchase in your Landlord Vision account. This is a guide to help you do just that. If you would like to record a property sale then please see - Recording a Property Sale
The recording of a property purchase in Landlord Vision is basically one big journal entry.
Navigate to Banking > Journals > click the green + to Add Journal
Account | Debit | Credit
Properties | Amount | 0.00 | This is the purchase price.
Suspense | 0.00 | Amount | This is the mortgage amount.
Click ADD ANOTHER ITEM
Add the different fees to their various account, they should be mostly asset accounts, for example.
Account | Debit | Credit
Land Registry Fees | Amount | 0.00
click ADD ANOTHER ITEM
| Debit | Credit
Stamp Duty Land Tax | Amount | 0.00
Click ADD ANOTHER ITEM
| Debit | Credit
Property Buying Costs | Amount | 0.00
Click ADD ANOTHER ITEM
| Debit | Credit
Bank Account | 0.00 | Amount | This is what came out of the bank account (deposit)
For example:
> SAVE At the end you should have one journal entry with six line Items
Lastly - Add the mortgage. See this Guide to - Add A Mortgage When adding the mortgage *Set Loan Paid To > Suspense account
