My charity makes monthly mortgage payments, how do we account for these?
Mortgages are regarded as long-term loans and are found on the Balance Sheet under the category of Non-Current Liabilities.
Clicking on the line 'Long Term Loan / Mortgage' will take you through to the Loans Screen, where all current (and closed) loans will be listed.
Each month when a mortgage payment is made, this will need to be reconciled from the Match Transactions screen. Once you have uploaded your bank transactions, select the mortgage repayment in the left-hand table on the match transactions screen, click the + button, then select the 'Loan or Mortgage repayment' option. Select the loan or mortgage and enter the details for the repayment.
The pop-up menu will provide the option for you to record part of the payment as a repayment of the loan or mortgage principal sum and part as interest (if applicable), which needs to be recorded as an expense against a category of your choosing.