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Hello, I am looking to amortize the portion of goodwill that was NOT used to purchase the inventory and fixed assets (about 60k in this case). In this instance, it is a Section 197 intangible that gets amortized over 15 years.
How do I enter that in QBO?
Thank you!
Presumably, you have set up a 'Goodwill' fixed asset account already. If not, set one up. Then, set up an 'Amortization' expense account and an 'Accumulated Amortization' fixed asset account.
Then, create a recurring journal entry to book the amortization expense: debit amortization expense, credit accumulated amortization. You can book it monthly (~$60K/180) or annually (~$60K/15). For the first year only, you can only do a partial year amortization so you will need to determine how much you can expense based on when you acquired the goodwill.
Thank you very much!
So glad to see you received the info you were looking for here in the Community, Leethecat! That's exactly what this space is for.
For more ways to get the most out of your QuickBooks Online account, I recommend checking out these video tutorials.
You know where to come if you ever get stuck and need a hand. Take care!
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