QBO – Land Contract Recording

QuestionsCategory: General QBO QuestionsQBO – Land Contract Recording
James asked 3 months ago

Hello do you have any tutorials on inputing a Building that was purchased on a Land Contract?  
 
No loan was taken out, how could this be recorded as an asset in QBO?  Should it be recorded as an asset?

admin Staff replied 3 months ago

Yes, land should be recorded as fixed assets category type. Unlike most fixed assets, normally land is not subject to depreciation.