If you have an asset or liability that predates your accounting start date, you'll need to use the Assets & Liabilities dashboard to create it but also account for it in your opening balances. Once you do so, you can track transactions such as payments on a note and the resulting change in the outstanding liability.
Creating assets/liabilities that existed before the accounting start date is easy. Follow these steps:
1) Click "Banking" in the top nav and then "Assets/Liabilities" in the left nav.
2) Create a new asset or liability using the "New" button.
3) Choose a general ledger account.
4) Add a description and purchase price .
5) Important: Set the "Transaction Date" to before your accounting state date.
Example: If your accounting state date is 1/1/2016, use 12/31/2015 or earlier.
6) Hit "Save." You have now created the Asset or Liability.
7) Follow up by adjusting the opening balance. Click "Reports" in the top nav and then expand the "General Ledger" menu in the left nav and choose "Opening Balance."
8) Find the row for the account that you chose for the asset or liability in Step 3 above.
9) Add the same amount that used before in that row and hit "Save" on the far right.
You now have an asset or liability successfully created in the system, and you can do things like track payments against it as those transactions are automatically imported through bank sync.
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