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Re: Fixed Asset

Sending good vibes to you, brookew_01.

I'm here to help you with setting up an account fora mortgage loan in QuickBooks Desktop.

 

You can set up a mortgage account then enter the loan amount as an opening balance. After that, edit the checks you wrote to allocate them.

 

To set up a mortgage account:

 

  1. From the QuickBooks Lists menu, choose Chart of Accounts.
  2. Right-click anywhere and click New.
  3. Create a loan account.
    1. Click the Other Account Types drop-down and choose Long Term Liability, then click Continue.
    2. In the Name field, enter the name of the loan.
    3. Click the Enter Opening Balance button and in the Opening Balance field, enter the full (beginning) amount of the loan.
    4. In the as of field, enter the loan origination date.
    5. Click Save & New.
  4. Create an escrow account.
    1. From the Type drop-down list, choose Other Current Asset.
    2. Enter a name for the account (Escrow, for example), the Opening Balance amount (if there have been any prior payments), and the as of date.
    3. Click Save & New.
  5. Create an expense account.
    1. From the Type drop-down list, choose Expense.
    2. Enter a name for the account (Interest, for example).
    3. Click OK.

You can get detailed information in this article: https://quickbooks.intuit.com/community/Help-Articles/Set-up-a-mortgage/m-p/202617.

 

If you wish to affect the mortgage account and the asset account, you can do this through journal entry, however, the assistance of an accountant is a must.

 

You may find this article helpful: https://quickbooks.intuit.com/community/Help-Articles/Manually-track-loans/td-p/201281.

 

Hope I helped you get all straightened out today. Let me know if you have other questions about mortgage loan in QuickBooks Desktop. You can always count on me.