Hi Guys,
I am trying to figure out how to post my lender fee (loan origination fee) on a mortgage.
I have created the loan liability account and an asset account already and created a journal entry crediting the liability and debiting the asset. If I include the lender fee in that, it looks like I paid more for the property than I did.
The loan was for $250,000 and the fee was $7500. The fee is amortized with the loan, I did not pay it up front.
What account or type of account do I create for the fee?
Thanks!
Tad