Mortgage entry

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F12Mahon
Posts: 79
Joined: Mon Mar 28, 2011 7:35 pm

Mortgage entry

Post by F12Mahon »

Our church got a loan to redo some of our siding. I made the following journal entry.

DB 01-1110 checking 30,000
CR 01-2611 Siding Loan 30,000

Do I set up an expense for the interest and debit 01-2611 when I make a payment?

I don't have our property set up as an asset.

I tried looking at the knowledge base and searching the forums but nothing seemed to apply exactly.

Never mind. I reread a post my JohnDMeyers on Jan 07, 2009 and my question was answered. I hope!

I have to CR checking and DB both Siding Loan and Interest Expense.

Typing this out helped me to think.
Eugene

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NeilZ
Posts: 10208
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Mortgage entry

Post by NeilZ »

F12Mahon wrote:
Thu Aug 11, 2022 7:02 pm
Our church got a loan to redo some of our siding. I made the following journal entry.

DB 01-1110 checking 30,000
CR 01-2611 Siding Loan 30,000

Do I set up an expense for the interest and debit 01-2611 when I make a payment?

I don't have our property set up as an asset.

I tried looking at the knowledge base and searching the forums but nothing seemed to apply exactly.

Never mind. I reread a post my JohnDMeyers on Jan 07, 2009 and my question was answered. I hope!

I have to CR checking and DB both Siding Loan and Interest Expense.

Typing this out helped me to think.
Yep ... I regularly refer to that post when asked about mortgages.
Neil Zampella

Using PC+ since 1999.

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