Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Business & Careers > Accounting   »   deposits on New construction

Answer this Question Ask about Accounting
 
Question Tools Search this Question Display Modes
Question
 
 
#1  
Old Sep 25, 2007, 08:55 PM
drkohout
New Member
drkohout is offline 		 
Join Date: Sep 2007
Posts: 1
drkohout See this member's comment history on his/her Profile page.
deposits on New construction
I am purchasing a rental property that is not yet built. The builder is requiring 5k down, then an additional 5k 60 days before completion. I wrote a check to the builder for the initial 5k. How do I enter that in quickbooks? It is not an expense is it? I believe that it would be a long term liability, either due to owner, or listed under the property name? I am not sure how to enter the check. Please help?

TK

Reply With Quote
 
     

Answers
 
 
Old Sep 26, 2007, 03:49 PM   #2  
CaptainForest
Finance & Accounting Expert
CaptainForest is offline
 
CaptainForest's Avatar
 
Join Date: Nov 2005
Location: Canada
Posts: 3,658
CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.
It is NOT a liability as far as YOU are concerned. It is for the builder, but you aren’t the builder.

Dr. Some Type of Prepaid Account (an asset account) 5,000
Cr. Cash 5,000

Comments on this post
QuickBooks Trainer agrees: Right on point.
  Reply With Quote
 
     
Answer this Question Ask about Accounting

« Previous Question | Next Question »

Question Tools Search this Question
Search this Question:

Advanced Search
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Questions
Question Asker Topic Answers Last Post
security deposits sgayeski Real Estate Law 1 Aug 28, 2007 11:24 AM
Security deposits/pet deposits - texas tenant law sueinaustin Real Estate Law 3 Aug 16, 2007 07:13 AM
security deposits. debbieknt Other Money & Services 0 Jun 30, 2007 07:41 PM
security deposits soflchef Real Estate Law 1 Aug 16, 2006 05:00 AM
Pet Deposits sadpuppyeyes Real Estate Law 1 Aug 12, 2006 09:19 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 08:03 PM.

Content Relevant URLs by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.