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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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01/30/12 12:37pm PST

Land Contract Question

Sold some of my property on a land contract. I have the land contract loan set up in quicken.  Title company issued me a check for the net amount of the down payment the purchaser gave them.  How/where do I show the fees that were deducted out of that down payment check?  Fees for lawyer, title insurance, property taxes.

My accountant deals with depreciation and all that kind of stuff.  I just want to get the fees in the correct spot for now.

I'm just confused....I want to show the actual amount deposited in my checking, which is the net amount.  But yet I need to show the amount the buyer paid in his down payment to me.  I just don't know how to make all this work!

Any help is appreciated!

Lisa

 

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01/30/12 12:40pm PST

 On your deposit slip enter the total down payment.  On the next line down enter Closing Costs (or somthing similar) as the account, and the deductions as a negative.  Your deposit amount should be correct.

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It all depends on how you entered your land purchase - check with your accoutant.

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