http://ibearsoft.com/forums/topic/assets-and-liabilities iBearSoft Community en-US Tue, 07 Feb 2012 14:33:39 +0000 http://bbpress.org/?v=1.0.3 q http://ibearsoft.com/forums/search.php http://ibearsoft.com/forums/topic/assets-and-liabilities#post-865 Fri, 19 Mar 2010 14:24:24 +0000 Akhat 865@http://ibearsoft.com/forums/ <p><em>Replying to @<a href='http://ibearsoft.com/forums/profile/singhch'>singhch</a>'s <a href="http://ibearmoney.com/forums/topic/assets-and-liabilities#post-861">post</a>:</em></p> <p>Yes, you can do it this way. If you want to discharge your liability then, use a <a href="http://ibearmoney.com/docs/howtos/discharging-liabilities/">Discharging Liabilities</a> transaction. </p> http://ibearsoft.com/forums/topic/assets-and-liabilities#post-861 Fri, 19 Mar 2010 06:01:57 +0000 singhch 861@http://ibearsoft.com/forums/ <p>Hi there,</p> <p>Any suggestions as to how I would use the IbearMoney so that I can account for the purchase of a new car and having car loan to pay it off?</p> <p>For example, if I were to buy a car which cost $30,000 and paid $5000 as my initial payment from my credit card, then do I</p> <p>1) Create a new asset under "Property and Other" called Car and give a value of $30,000<br /> 2) Create a new liability of under "Other Liabilities" called Car Loan and give a value of $25,000<br /> 3) Create a new transaction of expense from my Credit Card Liability of $5000 (here I have already created a liability of my credit card)</p> <p>Is this how I should account the above purchase? Thanks</p> <p>Chamkaur </p>