I see you want to keep track of an existing business you purchased, @melfa. Let's ensure everything is in order.
You can use the Check or Expense option to record the asset that you purchased. Make sure to set up the account on your Chart of Accounts first. Then, enter the inventory items so you can track their quantities.
See these steps to add an expense or check:
- Click on + New. Then hit Expense or Check.
- Go to the Payee field, and pick the supplier.
- Choose the payment account.
- Go to the Payment date field, and type in the date for the expense.
- Go to the Payment method field, and choose how you paid for the expense.
- If you want detailed tracking, fill in a Ref no.
- Under Category details, choose the expenses and assets you acquired. Then add a description. You can fill in the inventories under the Item details section to itemize the expense.
- Add the Amount.
- Once done, click on Save and close.
Find out more information on how to handle loans and repayments in QuickBooks by reading this module: Set up a loan in QuickBooks Online.
Lastly, I suggest reaching out to your accountant for more options on how to manage a business acquisition loan. They're also able to provide the right accounts to use.
Once everything is good, feel free to review this guide about taking care of expenses in QuickBooks: Learn how to record, edit, and delete expenses in QuickBooks Online.
You can always leave a comment below so we can help you more with this matter or QuickBooks in particular. Take care of yourself!
