Hello,
I have a rental house and I am trying to update my QB Pro with the current mortgage amount due. I created a Long-Term Liability account for the mortgage, but now I am trying to input the remaining amount into the General Journal. What accounts do I need to use in order for it to be properly categorized? Do I add a fixed asset account for the house? If so, would I credit the liability account and debit the house?
Please advise.
Thanks in advance.
I have a rental house and I am trying to update my QB Pro with the current mortgage amount due. I created a Long-Term Liability account for the mortgage, but now I am trying to input the remaining amount into the General Journal. What accounts do I need to use in order for it to be properly categorized? Do I add a fixed asset account for the house? If so, would I credit the liability account and debit the house?
Please advise.
Thanks in advance.