Freehold / Leashold nominal accounts

Hi,

Tried to Tag one of my bank transactions to Freehold, as it was money that went to buy a property but when doing an invoice , under categories it doesn’t allow me to put freehold, why is that ?
In other word, categories do no not include all nom accounts, why ?

Some nominal accounts are excluded from the purchase entry forms as a way to prevent users from logging items to invoices that should instead be processed using another method. For example salary and payroll related expenses, also freehold and leasehold acquisitions are not usually invoiced, I’ll check with my colleague on that one.

EDIT

Yes as suspected Freehold acquisitions shouldn’t be invoiced. It’s worth having a chat with your accountant on that one for the correct methodology, there’s multiple ways you can buy a property and it’s definitely something you want to get right. Most properties are mortgaged so the mortgage become a type of loan account in QF that you set on open balance for and gradually pay down over the term.

Hi Glenn,

Thank you for your speedy reply.

Yes, you are right, it’s only because you buy a property from someone I assumed the easiest way to do it will be by raising an invoice to his name. Not always is there a mortgage but I appreciate the additional info.

Great job on this software & co.

Yours

M

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