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Enter and treat a mortgage

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You can process the mortgage in two ways: by repetitive transaction or by creating an automatic mortgage. Here is how to proceed for each one.
  1. Mortgage by repetitive transaction

    2. Current benefit: this way of making generates a reminder in the Agenda. You can choose to include payments of property taxes or not.

      Add mortgage
    1. Go to the top menu, Accounting, Repetitive transaction.
    2. Select the Building to which the mortgage will be linked.
    3. Select the concerned building in the drop-down menu.
    4. Click on Add to create a new repetitive transaction.
    5. Enter a description identifiying the repetitive mortgage. (Example: Mortgage and taxes 2009)
    6. Specify the frequency and term of the payments in the Transaction Distribution section.
    7. Link the transaction to a supplier (optional) by checking the Assigned box to the supplier that you will choose with the drop-down menu (Example: Bank X)
    8. Choose the bank account from which the payment will be withdrawn by clicking on the magnifier opposite the Account box. (Example: 1064 Primary Account - Caisse Populaire)
    9. Enter a description in the Description box. (Example: Mortgage 20, King W.)
    10. Enter the mortgage payment in the CREDIT box
    11. Click on the diskette beside the Credit box to save the line
    12. Select the account Mortgage to be paid by clicking on the magnifier beside the Account box. (Example: 2633 Mortgage to be paid - 20 King W.)
    13. Enter additional information in the Description box (optional). (Example: Mortgage 20, King W.)
    14. Record the mortgage principal paid in the DEBIT box
    15. Click on the diskette beside the Credit box to save the line
    16. Select the Interest account by clicking on the magnifier beside the Account box. (Example: 5030 Interest and bank charges).
    17. Enter additional information in the Description box (optional). (Example: Mortgage 20, King W.)
    18. Record the mortgage paid in the DEBIT box.
    19. Click on the diskette opposite the Credit box to save the line
    20. Add municipal taxes
    21. Select the Municipal Taxes account by clicking on the magnifier beside the Account box. (Example: 5510 Municipal taxes)
    22. Enter additional information in the Description box (optional). (Example: Municipal taxes 20, King W.)
    23. Record the municipal taxes paid in the DEBIT box.
    24. Click on the diskette beside the Credit box to save the line
    25. Add school taxes
    26. Select the School Taxes account by clicking on the magnifier beside the Account box. (Example: 5500 School taxes)
    27. Enter additional information in the Description box (optional). (Example: School taxes 20, King W.)
    28. Enter the school taxes paid in the box DÉBIT
    29. Click on the diskette beside the Credit box to save the line
    30. Click on the Save button (top of the window)

    NOTE The total of Debits must be equal to the total of Credits

    Each month, after having processed the repetitive transaction in the Agenda, it will be necessary to modify the principal and interest amount to adjust with reality.

    You will only have to return in the window Repetitive transaction, select the line to be modified by clicking on it then just click on the Modify icon.

  2. Record the mortgage in the automatic mortgage module

    3. Current benefit: automation.

      Add the mortgage
    1. Go in the top menu, Accounting, Automatic mortgage.
    2. Choose the building to which is allotted the mortgage in the drop-down list under the title Mortgage identification.
    3. Click on the Add button.
    4. Record a description to identify the automatic mortgage. (Example: Mortgage June 2009
    5. Click on OK to go to the next step.
    6. Enter the relevant details of the mortgage.
    7. Specify the dates of the first payment of the mortgage and of the first payment to generate in the section Date.
    8. Select the bank account from which the payment was withdrawn in the drop-down menu. (Example: 1064 Primary account - Caisse Populaire)
    9. Choose the Mortgage to be paid by clicking on the magnifier beside the Principal box. (Example: 2633 Mortgage to be paid - 20 King W.)
    10. Choose the Interest account by clicking on the magnifier beside the Interest box. (Example: 5030 Interest and bank charges)


      11. Add taxes included in the payments
    11. Indicate in the appropriate boxes the amounts of municipal and school taxes included in the mortage payments (Mortgage details section)
    12. Select the Property Taxes account, in the Accounts section, by clicking on the magnifier beside the Municipal Taxes box. (Example: 5510 - Property Taxes)
    13. Select the School Taxes account by clicking on the magnifier beside the School Taxes box. (Example: 5500 - School Taxes)

    14. Click on the Generate button to generate payments.
    15. Modify payments that need to be.

      NOTE: To modify the date of a payment, you will have to make an entry in the General Journal. In addition, if your mortgage is with Desjardins, you will have to modify your amounts manually because this institution is the only one using 3 decimals, which unbalances the amounts.
      1. Go in the tab Payment.
      2. Select the payment to be modified by double-clicking on it.
      3. Click on the Modify button, in the lower right corner of the window.
      4. Save

      16. Process payments

    16. Go in the tab Payment (in the Automatic Mortgage window)
    17. Select the transaction to be processed by double-clicking on it
    18. Process the transaction by clicking on the Process button at the bottom of the window

      19. Register a reminder in the Agenda

      An automatic reminder is scheduled in a next update. It is also suggested to register a reminder in the Agenda in the form of recurring appointment. (See the linked procedure at the bottom of the page)

      to

      Get the Automatic Mortgage report

      1. Go in the top menu, Report, Information, Building
      2. Select the report Automatic Mortgage
      3. Click on View
Mots clés::  automatic ,  repetitive ,  how ,  enter ,  general ,  mortgage ,  Interest ,  journal ,  taxe ,  taxes