How to record purchasing a property in the Reckon plus 2023 ( Desktop)
Hi,
May I ask if anyone know how to enter purchase a new property in Reckon plus 2023 ( Desktop)
I did some study online and I was suggested as following
Firstly, setup a Header for the Property by Address under Non - Current Asset..
There would be at least 3 sub accounts.
These include Cost Price and adjusted fee, Stamp Duty and Legal Fees.
There would be sub accounts for Div 40 and Div 43 if applicable.
Could anyone to confirm if it is right?
Thank you
Best Answers
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Thank you. It is very helpful.
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The information you found online is fairly correct except it should be a Fixed Asset. The costs associated with the purchase are not expensed as they form part of the asset's cost base for CGT so - as per the info you found - these should be added under this same (Fixed Asset) Account too.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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Answers
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Yes I enter the purchase from the solicitor's settlement sheet, the only thing I do differently is put the legal fees and any other expenses to an expense account not the asset account.
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Again thank you for your information. I will record the expenses related to the purchased properly as parts of the fixed asset.
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