Mortgage Down Payment -- Quickbooks Pro 2006

Merkan,

I would think that this simplified journal entry accounts for your down payment:

dr. Fixed Assets - Land 50,000 dr. Fixed Assets - Building 200,000 cr. Mortgage Payable 150,000 cr. Cash

What am I missing?

The correct journal entry.

Dr. Deposits/down payments xxxxxxxx Cr. Cash xxxxxxxxxx

Greetings

Ouch, this looked so simple. Deposit is/should only be used to record such as refundable; plan deposit, bottle or pallet which are refundable. In the instance where additional information is being awaited the deposit account can be used but it behaves like an escrow account.

The first suggestion >

Where cash is the down payment, correctly removes cash from an account and allows the purchased asset to enter at full purchase amount. Note the asset total ends up equal to the cash and financing.