Fixed Asset Account Help Please

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?

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,

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.

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.

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

The loan manager has been around since 2004.

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

Yeah.. Like I said.

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.

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

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

Equal to 10 dog years.