I can help you in recording that, stormers148.
First, you'll want to set up an asset account to track the commercial property you've purchased. Here's how:
After that, set up a liability account to track the mortgage and loan payments. When you're in doubt about the categories to use, you may consult an accounting professional to ensure that everything is recorded accurately.
I'm also adding this article to help manage your assets and track depreciation: Depreciate assets in QuickBooks Online.
Fill me in if you have any other concerns or follow-up questions. I've got you covered.
Thanks for getting back to us, stormers148!
You can record an expense transaction, code it with GST and allocate it to the liability account you've set up to offset the mortgage amount. Here's how:
Then, the expense should offset the mortgage amount tracked under the liability account every time you record the expense transaction. And GST amount will be tracked on your BAS when transaction is coded with GST.
Feel free to leave a comment below if you have more questions about recording the expense. Enjoy the rest of the day!
Thanks for your reply, stormers148.
We can set up a liability account to record the loan and its payments. Let me show you how.
Once done, you can use the loan account created above to record the loan repayment.
For more detailed information, you can check on this article: Set up a loan in QuickBooks Online.
Let me know if you need any help with setting up a liability account. Thanks.
Yes i have already done that but i want to record the expense of the property purchase and the GST component. when i try to enter this as an expense quickbooks come back to me with an error... saying i cant use that type of account to record the expense. this property has a mortgage attached. how do i record the purchase of this property so that i can claim the GST?
Recording commercial property and mortgage can be tricky in QuickBooks Online. The steps provided by Aika and KlentB are the steps usually provided to customers on how to record the property purchase. You'll have to make sure you've selected the liability account under Category details when creating the expense transaction.
For further assistance, I'd recommend consulting your accountant with your accountant on how to account for the purchase to keep your books accurate. You can also contact our Customer Support Team, as they can do screen sharing (Smartlook) with you in a secure form to help you check if the account created for the property purchase and mortgage is correct.
Please know you're always welcome to post below if you have other concerns. We'll be sure to get back and help you. Have a great day!