Forum Discussion

acplus21's avatar
4 months ago

Purchase of property

Hi, I need to enter a purchase of a property with deposit paid on contract signing and loan drawdown on settlement of property two months later. How do I enter these transactions in Myob Accountright...
  • Princess_R's avatar
    4 months ago

    Hi acplus21,


    Thank you for your post, and welcome to the Community Forum!


    To manage the purchase of the property, the Spend Money and Receive Money options. The initial deposit made at the time of contract signing can be documented as a Receive Money transaction, while the loan drawdown at settlement and the actual property purchase can be recorded as a Spend Money transaction. While you can also use a journal entry for this purpose, it's advisable to consult your accountant first. This ensures that you record the transaction correctly, using the appropriate accounts for your accounting needs, and complying with tax regulations accurately.


    Feel free to create a new post again if you need further help.


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