Setting Up Mortgage Payable

Hello. Could someone give me a little input as to the proper way to set up a Mortgage Payable in Navision 4.0. Currently I have set the bank up as a Vendor, but I think there must be a better way.

Thanks for your help - Kevin

Why not post a recurring journal to the mortgage GL account balancing it to the bank?

I prefer to use a vendor, its so much easier to track that way, you cna post an “invoice” form the vendor as the Morgage amount, then Pay the vendor, and just set up posting groups so the vendor offsets the Balance sheet asset account.

This is also handy if you get fees or adjustments, since they will be much easier to track. Another way to do it is to set up the Bank as a “Bank” in Navision, but it does not offer the same level of flexibility.

In many setups, I suggest that clients have vnedors set up as Z-0001 etc, and use these as things like employees and bonuses and things like this mortgage.

But it all comes down to personal preference.

Sorry I was offering an alternative to what they were using, it was not a recommendation - as you say the vendor record helps capture all movement and flow, which is a better way.

By “better way” what do you mean? What are you not getting that you think you should? Or what is causing issues?

Actually I think your combined reply makes the most sense, i.e. unless we know what problems ther are with the current scenario, its hard to decide if something is better.

If in fact the disadvantage is that the process is too complex, then yes a recurring journal would be a better solution.

Still thats what this forum is all about, getting out more possibel solutions so that people cna make informed decisions.

Thank you all for the quick and detailed response. I was thinking that Navision might have a way to track Mortgages under Cash Management, but after reading the resonses I see that setting them up as Vendors is probably the best route for this company.

Thanks again.