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Video of Quickbook - How to setup a Mortgage Loan in Quickbooks course by Mega Niche University channel, video No. 26 free certified online
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We received a Question from "Cannon Bookkeeper":
We are getting the loan and its for a building
Getting a loan and its for a building I do have a Standalone calculator output
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You can either watch the video or read the reply below:
First thing you do is setup your chart of accounts. Setup a New Account for "Long Term Liability" and called it "Building Loan" for example. Main part is remember to put a beginning balance of the principle amount that you are borrowing.
Then you can setup an "Interest Expense" account to record money you spend on interest.
So when you make your monthly payment, you would apply the principle payment towrads the Long Term Liability account and the interest towards the expense.
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