Mortgage Payments

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

Moderators: Moderators, Tech Support

Post Reply
raylaurenza
Posts: 39
Joined: Mon Sep 21, 2009 10:28 pm

Mortgage Payments

Post by raylaurenza »

We presently have 151214.04 left on out church property mortgage. What is the property wat to account for that.IAt present when I make a payment each month, At present i am decreasing the long term liability, expensing the interest and decreasing cash.

Is the correct way to do it? I don't have account payable open for the bank.

Should I do that? If so, not sure how to account for that.

Thanks for help

Ray
Top
NeilZ
Posts: 10217
Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
Contact:
Contact NeilZ

Re: Mortgage Payments

Post by NeilZ »

raylaurenza wrote: ↑
Mon Jan 16, 2023 3:59 pm
 We presently have 151214.04 left on out church property mortgage. What is the property wat to account for that.IAt present when I make a payment each month, At present i am decreasing the long term liability, expensing the interest and decreasing cash.

Is the correct way to do it? I don't have account payable open for the bank.

Should I do that? If so, not sure how to account for that.

Thanks for help

Ray
Perhaps this post will assist ...

viewtopic.php?p=53067#p53067
Neil Zampella

Using PC+ since 1999.
Top
Post Reply

Return to “Accounting”