Archived
05-03-2008, 08:14 PM
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(2/24/2004 12:40:48 PM) Sindee wrote:
I am trading in an asset for a different asset, and I'm not quite sure how to get the first asset to $0 and the other the amount it's worth. I also have a loan on the first asset that I'm paying off and making a new loan for the new asset. Any suggestions would be greatly appreciated.
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Look on p. 295-296 of The QuickBooks Farm Accounting Cookbook(TM). The example shows how to zero the remaining book value of a trade-in.
As for the loans, they're not really related to the fixed asset transaction. So you can either handle them in a separate transaction--a Journal Entry for example--or in the same transaction where you record the change in fixed assets.
The example on p. 314 of the Cookbook should get you started. It only shows a new loan for $55,000, however (the line with "-55,000" on it. In your case, if the remaining principle balance on the old loan was $33,000, you'd just add a line like this to the example:
Old Tractor Note 33,000
This would "pay off" the balance of the old note, while also recording the new principle balance ($55,000) of the new note.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com
(2/24/2004 12:40:48 PM) Sindee wrote:
I am trading in an asset for a different asset, and I'm not quite sure how to get the first asset to $0 and the other the amount it's worth. I also have a loan on the first asset that I'm paying off and making a new loan for the new asset. Any suggestions would be greatly appreciated.
====================================
Look on p. 295-296 of The QuickBooks Farm Accounting Cookbook(TM). The example shows how to zero the remaining book value of a trade-in.
As for the loans, they're not really related to the fixed asset transaction. So you can either handle them in a separate transaction--a Journal Entry for example--or in the same transaction where you record the change in fixed assets.
The example on p. 314 of the Cookbook should get you started. It only shows a new loan for $55,000, however (the line with "-55,000" on it. In your case, if the remaining principle balance on the old loan was $33,000, you'd just add a line like this to the example:
Old Tractor Note 33,000
This would "pay off" the balance of the old note, while also recording the new principle balance ($55,000) of the new note.
Mark Wilsdorf
Flagship Technologies, Inc.
http://www.goflagship.com