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February 26, 2022
Question

What would be the proper steps to enter a building in QBO? Owned by the client. Building Value - $600K Mortgage - $245K Payment (Principale and interest) - $1500 month.

  • February 26, 2022
  • 1 reply
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What would the GL accounts look like and the Journal entry?

1 reply

February 28, 2022

Hi userrinoruzich,

 

Thanks for reaching out here.  QuickBooks Online provides the features you need to record your transactions with confidence.  I'll be happy to provide more information here!

 

It's recommended that you consult with an accountant or an associate for transactions such as this, to ensure the best outcome for keeping your books aligned.  You can set up a liability account to record the mortgage and associated payments.  In addition, here's a helpful article about account types in the chart of accounts.

 

Please feel free to reach back out with other questions.  We'd be glad to assist!