QB Issue Resolution:

@DecaturInvestor wrote:
What if in this scanario that it’s appraised for much more and at closing you were given $60k. how to you account for the cash given?

 

I don’t see what an appraisal has to do with how much you get at closing.

If you are buying, then you took out a mortgage. Lets say the property sells for 100K, but you took the mortgage out for 160K getting the 60K in cash.

The property would be a fixed asset, the mortgage would be a long term liability. When you enter the liability it would be split:
Property fixed asset account, $100k debit
bank, $60K debit
mortgage liability, $160K credit

Resolution for Issue 'I have some limited accounting experience and am setting up a business account in Quickbooks. My question relates to rental properties. I purchased a property all cash in 2017. Once the property was fixed and rented, I obtained a mortgage to pull out some cash. How do I account for this? In my banking account linked to QB I have: Cash in (wire from lendor / bank) Cash out (paid to my personal banking account) Would this be categorized as mortgage, owner’s investment or something else? If anyone has experience with this I would appreciate it. Thanks!!!' available: Yes (Solved).
Source: Intuit Community forum.

I have some limited accounting experience and am setting up a business account in Quickbooks. My question relates to rental properties. I purchased a property all cash in 2017. Once the property was fixed and rented, I obtained a mortgage to pull out some cash. How do I account for this? In my banking account linked to QB I have: Cash in (wire from lendor / bank) Cash out (paid to my personal banking account) Would this be categorized as mortgage, owner’s investment or something else? If anyone has experience with this I would appreciate it. Thanks!!!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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