How Do I Manage A Personal Property In Bullet Free Online Accounting Software?
Although Bullets Sole Trader account isn’t designed for personal use (watch this space), it is being used by our community to track expenses for properties they own. Here are some of the FAQ’s we get around tracking properties and mortgages.
Mortgage – How Does You Enter A Loan With No Bank Account, The Money Went To The Solicitor?
On the mortgage – if you never see the money (mortgage from the bank), so the money is never “yours” – it’s not entered in Bullet.
You would just add the mortgage payments as individual bills. You could add the house he bought as an asset (since he owns the house – he didn’t get the money)
How Do You Enter A Loan With A Varying Interest Rate (tracker)?
The loan repayments would each have to be added as a separate bill. We can’t do anything recurring when we don’t know the interest rate will be constant.
Should Each Property Be Broken Out Into It’s Own P&L?
There’s only one P&L report for a company. If all the properties belong to the same company/person, then all the info will appear on that single P&L report.
Should You Create A Separate Bullet Account For Each Property?
If you’re a sole trader, you should record everything using a single Bullet account, since you’ll be assessed from a tax point of view as a person with multiple properties – the properties aren’t assessed separately from the company/person.