I've read many scenarios (most seem to be QB Online, but I need help with QB Desktop 2020) for entering a fixed asset (machinery) purchased for my company (s-corp) by a Capital 3rd party paid to my Vendor. Meaning, I received a quote ($12,209.12) from my vendor and a 3rd party paid the amount directly to the vendor. I have a 60 month fixed lease/loan for $283.xx per month which includes interest. The total loan is $16,980. I'm told at the end of 30 months I will receive an option to pay off the loan early which will reduce the total loan amount significantly. I'm new to QB Desktop and many of the things I've read in this forum (as well as QB internet searches) don't let me choose detail options for long term liability accounts. Can someone steer me in the right direction for QB Desktop 2020 as to how I should be recording this properly? Thanks much!
Welcome to the QuickBooks family, Exstreamliners!
I know if can take time to get to know the product, but I'm confident you'll be a master of QuickBooks Desktop in no time. I'll help you get started with entering and tracking this information, but I also encourage you to find an accountant to work with you on this one since there are so many moving parts. It's important to me that you get this right.
First, I'll get you acquainted with your resources. It's great that you've been looking around the QuickBooks community and online in general, but I know it can be a challenge to filter out for just your product and the details you need.
In community, you'll want to look for two things: that the flag at the top of the page is Canada's so that the instructions will apply to your product and you'll also want to look at the product tags on posts. Most posts in community indicate which version of QuickBooks they apply to. You'll want QuickBooks Desktop.
There's also an in-product help option that's handy because it ensures you only see information that applies to QuickBooks Desktop. Here's how you can find it.
For instance, when I use the search term "long-term liability," an article comes up called Track long-term loans. It sounds like this may be just what you're looking for.
Again, I recommend having an accountant on your side. One that knows QuickBooks Desktop in particular will be a great asset to your business, and luckily, QuickBooks can help you connect with such a person. Visit our Find an Accountant page, enter your city or postal code, and begin your search for someone in your area.
Feel free to stop by community again!
I appreciate the reply. I'm not sure why the Flag at the top of my page would be Canada. I purchased the desktop 2020 version at Sam's Club in Franklin, TN.??? As for the help section in the Desktop version, in my humble opinion, it leaves a lot to be desired. I don't appreciate you responding. I'm hoping someone in the community can provide a little more tangible explanation for my question.