Below shows on which side each account type increase and decrease. Debit (left) or Credit(right)
Normal -> Dt:Expense | Ct:ABSA Cheque
CC - > Dt: Expense | Ct: Cost centre
normal -> Dt: Household Cash | Ct: ABSA Cheque
A fixed amount is budgeted every month to pay the mortgage. The bank automatically takes off an emount. This amount may differ from the budgeted amount.
Savings are also put into the mortgage account to lower the amount of interest payable.
Thus there are:
"Mortgage payment" cost centre for budgeting.
Interest Cost account to keep track of interest paid.
ABSA bond loan to keep track of debt owed.
ABSA bond savings to keep track of how much money in the bons account we consider "liquid".
Houselhold Savings cost centre to keep track of total savings of the houselhold as split over multiple accounts.
debit goes off automatically and interest , bank fees is added to bond account. This usually happens on the 1st and 2nd of the month respectively.
Should be booked as:
| Debit Account | Credit Account | Amount |
| Interest Cost | ABSA Bond Loan | Interest amount |
| ABSA Bond Loan | ABSA Cheque | Debit amount |
| Bank fees | ABSA Bond Loan | Bank fee amount |
| Bank fees | CC Mortgage payment | Bank fee amount |
| Interest Cost | CC Mortgage payment | Interest Cost |
| ABSA Bond Loan | CC Mortgage payment | Debit amount minus interest and bank fees |
A "Quick transaction": "Mortgage debit" can be used for this.
It is intentional that the bank fees are taken form the mortgage payment CC. This is so that the debit payment is paid from the Mortgage payment CC alone.