Quickbooks: Recording a New Fixed Asset

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.

Category:

Education

Tags:

• how
• to
• quickbooks
• asset
• liability
• fixed asset
• long term liability
• balance sheet
• check
• general journal
• general ledger
• journal entry
• accounting
• bookkeeping
• tutorial
• demonstration
• lesson
• tip

[TheJonesdorothy]

Is this same interest to show building under construction as fixed asset??

[PaperTrailFinancial]

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.

[PaperTrailFinancial]

Thanks for the positive comments, I really appreciate them.

Dave

[TheJonesdorothy]

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.

[kakaja01]

Can you go over the depriciation and intrest? thanks

Also how do I record downpayments and documentation fee, both of them I paid to the loaner not the seller.

[kakaja01]

Can you go over the depriciation and intrest? thanks

[JCco901]

Thanks for posting. You are very good teacher! I liked your voice too.

[reinimechanic]

Easily the best quickbooks tutorials I have found yet, Thanks

[verymadmama32]

good video. loud and clear. just need it to be slow a little bit.