Quick Quickbooks Question - Posted by Anne in CO

import · November 12, 2003, 10:25pm

Posted by Anne in CO on November 13, 2003 at 11:42:04:

Ahhhh! Of course… I forgot the fundamental accounting equation. Thanks, Frank!

import · November 12, 2003, 10:25pm

Posted by Anne in CO on November 12, 2003 at 23:25:16:

We own John Hyre’s course and would like to know how to enter in this transaction: A prepayment penalty on a mortgage expires, thus decreasing our balance for that account. I don’t know where to increase the other side, though.

Thanks much for any help!
Anne

import · November 13, 2003, 9:31am

Re: Quick Quickbooks Question - Posted by Frank Chin

Posted by Frank Chin on November 13, 2003 at 10:31:19:

Anne:

Without more details of the transaction, if your Mortgage Payable decreases, your Owner’s Equity increases, i.e. the other side of the transaction.

Frank Chin