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How do I enter in a home loan into accounts and PMS?

edited July 2014 in Accounting
Let's say you bought a new house for Rs. 50 lakhs and you have a taken a loan for the full amount. Below are the steps to enter the asset into PMS and then the vouchers in accounts for the monthly EMI payments.

1. Below is what the accounts section looks like before you enter in a property in PMS:
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2. In PMS, double click on Property and enter your new flat details:
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3. Below is what the transaction will look like in PMS:
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4. Below is what the accounts section looks like with the property. Notice the "Unassigned Bank/Ledger", we will fix that in the next few steps.
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5. Create a new ledger for the bank loan you have taken from HDFC:
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6. In the accounts summary screen, right click on DLF CyberCity listed under Properties on the right hand side. Then assign it to the ledger you just created:
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7. Now the unassigned bank/ledger is no longer there:
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8. Create a new Payment voucher for your monthly EMI payment. Below the money is coming from the ICICI Bank account and going to the HDFC Bank loan ledger:
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9. Below is what the accounts section looks like after the payment voucher is entered:
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