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Quicken Classic for Windows
New to Quicken/Getting Started (Windows)
how do i set up a new loan with a down payment?
djboissy
I am an accountant and i'm confused. What account gets the down payment transaction?
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Frankx
Hi
@djboissy
,
The down payment gets posted to the as a credit to the cash account. Here's an example:
House purchased for 100.000.00 with a 25,000.00 downpayment and 75,000.00 mortgage. Entry is as follows:
(Debit) House a/c (asset acct) 100,000.00
(Credit) Mortgage Loan Payable (liability acct.) 75,000.00
(Credit) Checking a/c (asset acct) 25,000.00
Frankx
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Frankx
Hi
@djboissy
,
The down payment gets posted to the as a credit to the cash account. Here's an example:
House purchased for 100.000.00 with a 25,000.00 downpayment and 75,000.00 mortgage. Entry is as follows:
(Debit) House a/c (asset acct) 100,000.00
(Credit) Mortgage Loan Payable (liability acct.) 75,000.00
(Credit) Checking a/c (asset acct) 25,000.00
Frankx
djboissy
So set up the loan and a asset, connect the asset, and debit the down payment directly to the asset? (I get the credit is to the cash account)
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