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QuickBooks Question about Closing Statement when Buying

Posted on September 23, 2012June 11, 2024 By Mike Butler
QUESTION from Kyle:
(italicized green are Mike’s comments)

Mike, I get where the loan comes from and how to enter the asset and all that. I did all that fine. I was curious how to get my loan money into quick books and zeroed back out at the end again.

Do I deposit the money from my hard money lender into my checking account then write a check for the purchase out of there?

That’s what I did.

Then how do I zero out the loan on my closing statement when I’m done.

I can’t get it to zero out under the loan on my chart of accounts.

Do I do it as COG and that’s it? I did that but couldn’t figure out how to get the loan to zero out under my loan in the chart of accounts. I get the whole post office thing big guy.

Regards,
Kyle W.

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INVESTOR BOOKS, Borrow Money Tags:buying, closing statements, COGS, Cost of Goods SOLD, hard money loans, selling

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