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.

[vergara]

You are great. I love the clarity of your explanation: the journal entry and the forms entry. Thanks.

[sherriunger]

Absolutely the easiest video to follow! I walked right through the steps with him.

[PaperTrailFinancial]

Thanks for the positive comments, I really appreciate them.

Dave

[DiegoRodrigueztranslator]

I am so glad I came across this video!! Extremely clear and helpful!!

[JCco]

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

[PaperTrailFinancial]

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.

[sinajak]

So helpful & Simple narration....many Thanks..!!

[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.

[YBB]

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

[tcimagery]

Great video, thanks.
I see your "Enter Bills" instruction, but I don't know what amounts to put into the "Amount due" field and "Amount" columns fields? Since the Enter Bill function for a vehicle loan won't know how much of that bill goes to interest/principal UNTIL the bill is paid and put in the QB "Pay Bills" process, what "Amount" amounts should be put in the Enter Bill function/area? Thanks!

[lauraeccleston]

You suggested also using a sub account for the loan interest.  which account would this be subbed under?  the long term loan account? 

[TheJonesdorothy]

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

[monicag.]

Thank you very much for your video! It helped me a lot! I have some questions please: When creating the name of the dealership can I select the type "other" instead of "vendor"? (Because I am not buying merchandise for sale). And another question, should I print all the memos, and all the documents I make in Quickbooks? Or Where I find legal issues regarding the file of documents ?. Thank you.

[bbandam]

What is the purchase was existing from last year, so how can I add the loan for the car to this years numbers in Quickbooks?

[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.

[AlexandrosFereos]

How do we record an existing fixed asset to be associated with a fixed asset item in quickbooks? An existing real estate asset that was bought years ago and we dont even have the transaction in the system anymore

[cruzazulchick]

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?

[dannyh]

Hi, I have a question, Can you please explain to me how to QuickBooks 2012 import stock figures? from an Excel sheet to QuickBooks 2012

[simrangupta]

why did you pay 20000 to dealership if you buy truck on loan..and if you paid the amount still balance sheet show liability of 20000

[Deathbysnusnu]

after watching this i feel like i should be able to do it.... my brain is no do good nao tho