Entering Multiple Payments for a Fixed Asset


G

gary

Hi All,

How can I associate two separate payments with one Fixed Asset so that
the initial value of the asset is the total (in QuickBooks 2006 Pro)?

I purchased some furniture for our business which required multiple
payments (down payment, balance due on delivery). I had entered these
payments as credit card charges, but am now going back to track the
fixed assets (for tax purposes). Unfortunately, Fixed Assets appear to
only have one purchase date. Attempts to re-reference the Fixed Asset
appear to try to modify the existing price rather than add to it.

Any help is appreciated!
-Gary
 
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H

Howard

You did purchase the fixed asset on one date. Since you didn't
completely pay for it you should have entered a corresponding liability
for the remaining balance. Then each time you made a payment you just
reduced the liability.

If you wanted to be really anal you could have shown the deposit as a
current asset then applied it to the fixed asset on the date of
delivery.

Hope this helps

Howard
 

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