- April 12, 2018 at 11:47 pm #183544
Capt. Augustin Perez
How to set up a long term liability (Boat Loan)
How to set up a fixed asset (2018 Boat)
post payments on the long term liability
depreciation of fixed assetApril 13, 2018 at 12:00 am #183693
Hello Capt. Augustin Perez,
Unfortunately we don’t have courses that cover all of these topics. However, there are a couple of courses that will help with a couple of these. For the first two tasks, you can watch our how to set up the chart of accounts tutorial. You will set up your boat loan by adding a new account and the account type is Long Term Liability. Set up the Boat as a fixed asset in the same manner by adding a new account and using Fixed Asset as the account type.
As far as how to post payments on the long term liability, it really depends on if you are writing a check or paying it with a business credit card. Regardless of which payment method you are using, the key is to select the long term liability account within the payment transaction so that it is reduced once you make the payment. Watch the how to enter bills tutorial and how to write a check tutorials which I have included links for below. Last but not least, you cannot calculate depreciation in QuickBooks. However, you can record depreciation as a journal entry in QuickBooks. Take a look at the link to an article I have written on this below.
How to set up a long term liability (Boat Loan): https://fitsmallbusiness.com/set-up-chart-of-accounts-quickbooks-online/
How to set up a fixed asset (2018 Boat): same tutorial as long term liability set up (above)
post payments on the long term liability: https://fitsmallbusiness.com/enter-bills-quickbooks-online/ (How to Enter Bills) or
https://fitsmallbusiness.com/quickbooks-check-printing/ (How to Write Checks)
The key here is to select the long term liability account when you enter the bill and/or when you write the check.
depreciation of fixed asset: https://fitsmallbusiness.com/what-is-depreciation-how-depreciation-works/
Let me know if you have any follow-up questions on this.
All the Best-
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