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    franmd's Avatar
    franmd Posts: 1, Reputation: 1
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    #1

    Jan 29, 2008, 07:51 PM
    Office Building Purchase
    Acme Plus purchases a new office building for $600,000.00. Working in Quickbooks, how is the mortgage information entered? I know there has to be a long term liability for the mortgage but is the $600,000.00 also entered as an asset? Thanks
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
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    #2

    Feb 2, 2008, 11:31 AM
    Yes, if there is no downpayment or upfront charge of some sort.
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #3

    Feb 2, 2008, 10:22 PM
    Purcase of building is an asset and should be recorded as such, offsetting is a documented liaibility(the underlying debt, the entries would be to record purchase of asset: building 600k/cash 600k

    To record the liailbity; cash 600k/mortgae payable 600k.
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