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zfd12
May 5, 2022
Question

How to record a Cash out refinance in Quickbooks desktop

  • May 5, 2022
  • 1 reply
  • 0 views

Let say you have a property you bough for 100k cash without a loan. The property value goes up, and appraised at let say 200k. You go to the bank and refinance and take cash out = 100k. 

 

How do you record that mortgage transaction? 

1 reply

A
Alex M
May 5, 2022

Hi there zfd12,

 

It's vital that all your transactions be entered properly. QuickBooks Desktop is a great tool able to keep track of your finances to help you make the best business decisions possible. I can point you in the right direction for assistance with recording this transaction in your books.

 

In order to know how you should be entering this money movement in your books so that all accounts have the correct balance, I recommend reaching out to your accountant. They'll be able to let you know which transaction type would be the best choice as well as which accounts need to be affected. You can find an accountant near you that has experience using QuickBooks by visiting our Find an Accountant site.

 

If you have any other questions, feel free to reach out here. 

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