by Nadine GV
(Las Vegas, NV )
I have recently purchased multiple SFR as investment properties.
I am currently doing numerous renovations on the home, such as new texture, replacing the whole kitchen/bathroom fixtures, cabinets.
New flooring throughout, paint, windows etc… I understand that for tax purposes I cannot classify these as repairs, but I need to classify them as renovations in the cost basis.
I purchased the Quicken Home& Business program and upgraded it to include rental properties.
However, I cannot figure out how to tract my renovation expenses and categorize the transactions properly so it will reflect as a renovation (Cost basis) for tax reporting purposes.
Right now, I have inputted all of the transactions as an expense for each corresponding property but the transactions are un-categorized.
by jrm
(GA)
I'd like to use the perpetual FIFO inventory system but I understand in the perpetual system you don't use the Purchases accounts. However, I'd also like to use the Purchase Discounts Available and Purchase Discounts Taken accounts so I know how well we are paying within the discount time. Is it ok to use the Purchase Discounts Available and Purchase Discounts Taken accounts when using the Perpetual Inventory System?
What is the entry when purchasing the assets of a business, but not the building?
Our firm purchased a company and I need to know how to show the checks paid toward purchase in quickbooks?
by Dave
(Las Vegas, NV, USA)
When booking the purchase of a building, do you book all closing costs to the building (capitalizing them)? or do you book them to expenses?
by charlene
(washington)
WHEN DO YOU POST IT TO FIXED ASSET, WHEN THE COST IS OVER $100 OR IS IT WHEN THEN THE COST IS $500 OR MORE?
If a piece of sports equipment was bought from a store and paid for by cash or cheque and was then returned being faulty and was sent back to the supplier would the double entry for the supplier part be cr purchases rets/db supplier's a/c or would it be cr sports equipment/db supplier's a/c?
How do i record purchases of shares and stock in a company's books?
I work for a repair shop and there were some purchases of repair manuals bought. Which accounts should I put them to?
Hi,
Thanks for the question.
Purchases of repair manuals can be put under educational materials (specific) or office expense (general).
Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.