Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowYou can do it either way, my preference
enter the fixed assets
1234 some street, apt B
>> land
>> buidling cost
>> >> building accumulated depreciation
land is not depreciated
enter the mortgage as a journal entry
debit land, $$$ (half the land value)
debit building cost, $$$$ (half the building value)
debit owner equity draw, $$$$ (personal half land and building)
credit mortgage liability, $$$$$
If you made a down payment it is split the same way
debit land
debit building
debit equity draw
credit bank
When you make a mortgage payment split the payment
interest expense, $$$ (half the interest paid)
equity draw, $$$ (half the interest paid)
mortgage payable, $$ (remaining amount of the payment)