Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > QuickBooks Forum

Thread Tools Rate Thread Display Modes
Old 09-28-2010, 02:34 PM
JFR JFR is offline
Registered User
Join Date: Sep 2010
Posts: 2
Intangible Asset Setup

I'm starting a business where I've bought a distribution territory for let's say $10,000. I had to take out a loan and I would like to set this up as an intangible asset (Is this right?). How do I record this transaction? Any assistance would be greatly appreciated. Thank you.
Reply With Quote
Old 09-29-2010, 02:17 AM
Joe Williams Joe Williams is offline
Registered User
Join Date: Jan 2006
Location: Oklahoma
Posts: 9,216
A loan that you owe should be a liability account. If the loan is less than 5yr, use Other Current Liability type and for longer loans use Long Term Liability type.
Joe Williams
Piedmont, Ok
Reply With Quote
Old 09-29-2010, 08:21 AM
lisa_mn's Avatar
lisa_mn lisa_mn is offline
Join Date: Nov 2003
Location: Minneapolis
Posts: 3,870
And the intangible asset would be an Other Asset called distribution fee, or whatever.

As for how to enter it, follow the money: Did the bank pay it directly from your loan? Then just make a journal entry Debiting the asset and crediting the liability.

Did the loan money go into your bank account first? Make a deposit, hitting the loan account in the From account column.

Then the payment for the territory would be a check to whoever, with the account being the asset account.

Make sense? Follow the money!
Lisa Peterson
Streamline Consulting, Inc.
Making Accounting Work For You
Minneapolis, MN

QuickBooks Advanced Certified ProAdvisor
Sleeter Group Certified QuickBooks Consultant
Peachtree Certified Consultant
Timeslips Certified Consultant
Fishbowl Inventory Authorized Reseller

Ask me about MiSys Manufacturing add-on for Quickbooks and Peachtree
Reply With Quote
Old 09-29-2010, 10:10 AM
JFR JFR is offline
Registered User
Join Date: Sep 2010
Posts: 2
Sounds good. I will give that a try. Thank you.
Reply With Quote

Bookmark and Share
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On

Forum Jump

All times are GMT -5. The time now is 05:26 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.
You Rated this Thread: