construction loan closing costs ?

[yoknox]

Have been approved for construction loan. The bank is sending a monthly statement for the total closing costs and we are paying each month. I set up a loan closing cost liability account and credited. Was advised to set up an expense cost for the debit. This put the money in both the liability and expense account. 1st question, is it usual procedure to show the expense before it's paid. 2nd question. In Jan I set up fund 02 for the construction fund and transferred from 01 to 02 as directed on this forum. The money in the expense account for 01 fund is now a minus figure after the transfer. I would have thought it zeroed out. Fund 02 is accurate. Any suggestions.

[bsbrown]

Where are u Neil, John or Mark. Really need your help with this.

[NeilZ]

Where are u Neil, John or Mark. Really need your help with this.

I'm not sure I could help with this one, as I've not had to work with closing costs. John or Matt may help.