HOME / COMMUNITY Switch to knowledge base

A) loans b) conveyancing

I’ve looked at previous threads but still struggling so help welcomed.

a) loan into company from 3rd party. Created new account, added payment in, tagged to current account, money green in current account and red in loan account, all good. Now I want to add interest charged to me and interest paid by me. Tried a few things but ending up either current a/c wrong, balance sheet wrong or loan a/c wrong (or a combination !)

b) conveyancing. Buying property, on completion I get the solicitors bill for charges, duties etc, plus a mortgage advance from bank, and settlement to the vendors. eg
bank advance 100,000
professional fees -3,000
stamp duty -10,000
purchase price -150,000
Due from me 63,000
163,000 -163,000
How to account for this ? (apologies for the formatting)

Many thanks


Property price will be actual price plus any associated cost to it e.g stamp duty and legal fee etc

Once you created loan account, you can enter interest entries and tag them to loan interest paid, this will increase your loan amount and when you actually pay repayment to 3rd party you can tag that from the main bank as interbank transfer to the loan account