QUESTION from Kyle:
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.
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