Apologies if this has been covered but I couldn’t find anything.
I rent out the house I used to live in so I currently have rental income which is tagged to rent (income).
But what do I tag my mortgage outgoings to? As tax relief is only available on the interest do I split the capital and interest and tag them to separate codes? If so which ones. Also I overpay the mortgage do I tag this to something else? I also overpay my mortgage by more than the rental income so do I need to show this on my accounts as overpayments from proprietor drawings?
As the opening balance is likely to be the value of the loan, you can edit the opening balance journal (Reports >> Journal) and change the 9998 Suspense Account line to the bank account the money was paid into. This will also add a transaction to that bank account and alter the balance, but should reflect the payment made.
For a mortgage however, you may be better tagging to a property nominal to show it’s purchase. I think this is where your accountant will likely be more useful than what I am and will be able to ensure it’s correct for you.