Categorizing Mortgage Transactions
When you have your mortgage or home loan accounts synchronized with Billroo, it’s important to categorize the transactions correctly. This ensures that your financial overview remains clear and precise.
For the total amount deducted for the mortgage, categorize it as Mortgage. This will give you a clear picture of your overall mortgage expenses.
If you have an investment property you might choose to categorize those repayments as Investment Property or another custom category that makes sense to you.
For interest-only transactions, we recommend using the “transfer” category. This helps in distinguishing these specific charges from your principal payments. The Transfer category does not count towards your expenses.
Avoiding Double Counting
If you mark both the interest-only transaction and the total deducted amount as Mortgage this will lead to double counting, which can skew your financial data. By following the categorization method outlined above, you can keep your records accurate and straightforward.
If you have any questions or need further assistance, feel free to reach out to our support team!