construction loan payoff: How do I post the sale of a new construction home?
All of the costs would have been held in an Other Asset account.
That means the Sales is a sale.
Then, you “close” CIP (construction in progress = other asset) to COGS.
You also have to deal with commission expense to the real estate agent; construction loan payoff, if any; interest owed; etc.
Resolution for 'construction loan payoff issue: 'How do I post the sale of a new construction home?' available: Yes.
The construction loan payoff 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 construction loan payoff issue yourself by looking for a resolution described in the article. If it is a complex construction loan payoff issue or you are unable to solve the issue, you may contact us by clicking here or by using other construction loan payoff support options.
For more information about resolving issues related to construction loan payoff in Quickbooks/QBO or to get support for the issue 'How do I post the sale of a new construction home?', click the link below: