Hey all, Just a short accounting tip for your BNB and to let you know that we are still alive and running our BNB.
In the meantime, here’s an easy accounting tip.
If you are making mortgage payments for your property, it helps cleanup your accounting if you do not make your payments before the 1st of the month that your payment is due for.
In other words, if you need to make a mortgage payment for April, make the payment April 1st or sometime after that and before the date that you will get charged a late payment. If you want to make January’s payment, do it in January.
For example, even though you might get anxious and send out some kind of bizarre positive thoughts into the netherworld of computerized mortgage transactions, maybe trying to earn some kind of imaginary digital karma, better not to make the payment on March 29 since your accounting software may want to apply all charges to the month you actually make the payment – this gets more complicated if you have any compounded charges on your mortgage like your landlords or flood insurance… and it looks goofy on your annual summary.
Essentially, this is helpful is when you do your tax accounting for the year everything just makes more sense. Your payments correspond to the appropriate month and if you’re talking about January’s payment, the correct year.
Please like, share, comment, follow my blog or contact me if you have any questions, or if you’ve got some nice tips.
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