chattel mortage for a car
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Raluca Pratt
Member Posts: 18 Novice Member

Hi , I am using Reckon One. How do I record the weekly payments for a chattel mortgage for the business car? Thanks,
Raluca
Raluca
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Have you set up the mortgage in Reckon one? Do you have the copy of the finance contract and the repayment schedule?0
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No , I haven't set up anything yet.And yes , I have the contract and the payment schedule.0
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If you want to send me the figures with the name blacked out ill give you the journal and the inteterest schedule. Its not rocket surgery. My email is kevin@zappy.com.au0
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Thanks Kevin , just sent an email with the details.
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Essentially it looks like this
Dr Asset Motor vehicles at cost
Dr Asset Capitalized interest (total loan interest)
Cr Lease liability
Now you need to have the schedule of interest payments because this will be amortized over the life of the loan.
The monthly entry will like this:
Dr Lease liability
Dr interest expense
Cr Capitalized interest
Cr Cash at bank
I hope this makes sense
Call me if you think I can help
Kevin t:04077449140
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