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Old 03-03-2010, 05:15 PM
BLC1 BLC1 is offline
LawnSite Senior Member
Join Date: Feb 2008
Location: Ohio
Posts: 714
Quick books guru

I'm looking for some help really getting my quick books narrowed down and charted right.

I am currently working on my rental property business and was hoping somebody else has down this. I am trying to enter the purchase of a rental home and not sure how to categorize it or where exactly to chart it. Any help would be appreciated.
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Old 03-03-2010, 05:25 PM
xclusive xclusive is offline
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Join Date: Dec 2009
Location: Northern NJ
Posts: 1,044
I believe it would be a fixed asset since it is a major purchase like purchasing equipment. You can always call your accountant and ask them if you use one.
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Old 03-03-2010, 05:35 PM
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LawnBizCoach LawnBizCoach is offline
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Join Date: Feb 2010
Location: Raleigh, NC
Posts: 38
I own some rental properties as well and just took a look at my QuickBooks records.

Our accountant has them set up as fixed assets just like xclusive said. However, he also separates the land value separately when he does the initial journal entry.

Would be good to get an accountants perspective on how to best do it in your case.

Good Luck!
Scott Pearce

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