Apologies for a newbie question (and non-accountant). How do I record mortage repayments? I've set up Long Term Liability for the mortage, and an expense for the mortgage interest. So do I creat a funds transfer between the accounts - General Bank Account & Mortgage Account? Cheers.
Yes, you can do a transfer to report the repayments, or even write a ' cheque' (Access from the Home screen is easiest for a newbie...:) ) I find it easier to do 'cheque' make sure no tax code on the amount of the repayment. If this is a standard monthly (or more regular) repayment, you could memorise the transaction, set up the rules, (ie date to enter, how often etc) and it will automatically post on the correct date...To do this> when completing the write 'cheque', set up the details and amount / description etc, then use 'CTRL + M' (while holding down the CTRL key, press letter M (M = short for memorise in Reckon Accounts). Hope this helps......and trust you find the memorise function great for various other transactions as well.