Machines | Quickbooks: Recording a New Fixed Asset
videos | at work | information | view | construction
This screencast illustrates the ways you can record the acquisition of a new fixed asset in Quickbooks, and demonstrates how to properly record payments on the financing.
Comments
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Which account is Bank of Scranton?
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So helpful & Simple narration....many Thanks..!!
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So helpful!! Thank you!
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after watching this i feel like i should be able to do it.... my brain is no do good nao tho
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You suggested also using a sub account for the loan interest. which account would this be subbed under? the long term loan account?
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What if it wasn't a loan. Our company buys machines from the seller directly and since there is no financing involved they allow us to pay in say 3 payments. Do i record as a loan still and make th pyament off it?
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wow, I wish Lynda.com gave such a good summary
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why loan?
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You are great. I love the clarity of your explanation: the journal entry and the forms entry. Thanks.
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You're correct, using either the journal entry or the deposit and check writing accomplish the same thing. I was just trying to demonstrate an alternative way of posting the transaction for people not comfortable with journal entries.
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I only have one questions why did you erase the journal entry and replaced it with the deposit and check Writing doesn't it serve the same purpose it debits & credits the necessary accounts? other than that I think its one of the best qbooks videos I have seen would like to see one about real estate assets for investors
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I was not clear. This is payment to development group from non-profit , from loan. Construction is not completed until 2013. Should this be booked as long term asset on the non-profit books. We obviously can't show as income.
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The interest in the video is the interest expense for long term financing. If you're talking about interest on a construction loan, it's handled differently. Construction loans are almost always short-term financing that is replaced by a permanent long term loan. Interest is usually added into the loan in the form of an interest reserve. The total amount of principal and interest on the construction loan is usually capitalized (included in the asset's cost) when construction is complete.
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Is this same interest to show building under construction as fixed asset??
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Thanks for posting. You are very good teacher! I liked your voice too.
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Thanks for the positive comments, I really appreciate them. Dave