mortgage as long term liability
mortgage as long term liability do I need an opening balance and when payments are made through bank account how to separate into interest and principle
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crPxLOu94r4izzacwZ5xHE
03/21/11 10:39am PDT
Viewed by asker 04/20/11 11:29am PDT
Viewed by asker 04/20/11 11:29am PDT
4 Replies
03/21/11 10:50am PDT
Best Answer - Chosen by the Community
If this is a new mortgage you don't need any opening balance, but you will need to make a journal entry to record it in QB. If your bank sends you a monthy statement they may break out the interest and princ. for you. If they gave you an Amortization Schedule that will have the interest and princ. broken out.
03/21/11 1:42pm PDT
Look in "Loan Manager" under "Banking". "Add Loan" wizard will help you set up all the necessary liability and expense accounts.
