How to do GL entries x two refinanced loans.

[Nereyda O'Neil]

Hello I'm the bookkeeper for a real sate investor. This is my first time working for the industry.

He refinanced two properties, in one he received cash back in the other one he had to put money in.

A normal buying GL entry will be:

					Debit	Credit
increase	Fixed Asset	Land GL	NENE unit 110		14,000.00
increase	Fixed Asset	Buildings GL	NENE unit 110		139,378.30
increase	Long Term Liability	Mortgage/ Loan payable GL	NENE unit 110			100,000.00
increase	Operating Expenses	Association Fees GL	HOA fees/assessments (NENE unit 110			49,900.00
decrease	Current Asset	Bank account GL	Bank account (cash to close) (NENE unit 110)			3,478.30
					153,378.30	153,378.30

But I do not have any idea what GL to use when a property is refinanced.

I have to add that for these two properties there are several invoices open in our system for the monthly loan payments missed before the refinancing of each property...what I do with those? How do I "pay" them?

THANK YOU!