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Fixed Asset Account Help Please

Could someone explain to me how to go about setting up a fixed asset account for a trailer I purchased and to record the payment on the loan plus the interest and also accumulated depreciation. I loaned out the manual to a colleague and I have not got it back yet, on that note anyone recommend a good Quick book resource manual?

Details: Purchased for $73,000 Montly payments are $1,407.90 for 5 years Interest is at 5.90%

How do I set this up?

Thanks in advance to all who can help and offer suggestions

Reply to
Michael
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Your question is really an accounting question that should be asked of your accountant. The real question at hand is if this type of question really belongs on a QB newgroup?

If I were your accouantant the first question I would ask you is did you really finance 100% of the cost of the asset?

Reply to
Allan Martin

Yes Allan, It was financed at 100%. I have the accountant answer, I just want to set up the transaction in QuickBooks and was looking to this group for way to do that properly, so that I can enter in the cost of the acquisition and the payments and interest, plus account for depreciation.

Regards,

Reply to
Michael

QB has a loan manager that can be used to break out the interest portion of each payment you record. It can be found in the banking menu.

Reply to
Allan Martin

I have found the Osborne book QuickBooks 2005 The Official Guide by Kathy Ivens to be very helpful. you can find it at any good bookstore.

Reply to
Ed Adams

The OP didn't mention the version of QB he is using. The loan manager is a recent addition.

Reply to
L

The loan manager has been around since 2004.

Reply to
Allan Martin

I am using QB 2001, but have access to QB 2003 and I will be getting QB 2006 very soon (Canadian Versions)

Reply to
Michael

Yeah.. Like I said.

2004, sold through nov of 2004 -- 14 months ago.
Reply to
L

I have no experience with Canadian versions. If they are similar in feature to US versions, you do not have a loan manager.

Look in the helpfile under loans. You will find what you need there.

Reply to
L

It was for sale in December 2003. In computer time that was a long time ago.

Reply to
Allan Martin

But it was not included in the Canadian editions until the following year, which I think is only "quite a while" in computer time.

Reply to
!-!

Equal to 10 dog years.

Reply to
Allan Martin

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