Thanks for this guidance. Only thing I thought to add and enquire is that the amounts to be reflected in this initial entry when debiting the asset and crediting the liability should be the present value of the total of the 5 yearly installments. Thereafter there would be depreciation booked to the asset to debit depreciation and credit the asset. And on the liability would need to book debit interest expense and credit liability and then debit liability and credit bank/cash when the instalments are paid. Does QBO offer any functionality to calculate and/or automatically post these subsequent entries once an amortisation table has been calculated?
