My charity makes monthly mortgage payments, how do we account for these?
This article explains how to record monthly mortgage payments on ExpensePlus.
This article is for churches and charities that account on an accruals basis.
For charities that account on a Receipts and Payments basis (cash basis), see this help guide article on loans.
How to manage mortgages on ExpensePlus
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 module, where all current (and closed) loans will be listed.
Making mortgage payments
Each month when a mortgage payment is made, you need to reconcile this as a loan repayment.
See this helpguide article for how to make loan repayments.
Adding a mortgage
To add a mortgage you have taken out:
- If the mortgage existed when you started using ExpensePlus, you need to add it to your opening fund balances.
- If it is a new mortgage, see this article for how to add new loans and mortgages.