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Subject Author Date
Journal Entries for A Sold Property Jeremy0819 07-18-2007
Posted by Jeremy0819 on July 18, 2007, 5:38 pm
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 Hello,

I am a new user of QB Pro 2007. We recently sold one of our properties
and from the escrow final settlement statement, there were
corresponding debit and credit entries that needs to be entered on
Quickbooks. Should I encode it as it is presented in the document?

Some entries would result to a deduction on the expense account.
Example, a credit entry for a "X.XX" amount representing Property
Taxes.

Anyone using QuickBooks Pro 2007 for a property development and
management co. would probably knows how to treat it in the system.
Thanks in advance.

Ralph


Posted by Allan Martin on July 18, 2007, 6:39 pm
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> Hello,
>
> I am a new user of QB Pro 2007. We recently sold one of our properties
> and from the escrow final settlement statement, there were
> corresponding debit and credit entries that needs to be entered on
> Quickbooks. Should I encode it as it is presented in the document?
>
> Some entries would result to a deduction on the expense account.
> Example, a credit entry for a "X.XX" amount representing Property
> Taxes.
>
> Anyone using QuickBooks Pro 2007 for a property development and
> management co. would probably knows how to treat it in the system.
> Thanks in advance.


It does not matter what software you are using. Yes, the entry should
mirror the sellers side of the statement.


>
> Ralph
>



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