I use Solar Accounts to record my personal expenses as well as my business expenses, and I wondered the best way to record my personal mortgage payments? I set up a liability account with my mortgage balance, and used a purchase invoice to record my monthly payment. However, each month an interest charge is levied which alters the balance owed. How do I account for that?
Hi David,
Record a separate transaction for the interest charge as described here:
http://www.solaraccounts.co.uk/help/how-to-record-bank-fees-or-interest-charges.php
However, in your case the interest cost increases the overall liability, so set the 'Paid From Account' to be the mortgage liability account (instead of 'Cheque Account')
Regards
