Hello, I started using QB for personal finances and Rental Properties, how can I update the value of my properties in fixed assets? For example, I made improvements to a property after which it increased in value and I want that to reflect in the company net worth without changing the purchase price. Thank you!
Anything of an improvement such as a new roof or a furnace qualufies as its own asset for depreciation separsste from your original 27.5 years of the building (land value having been removed at purchase since land cannot be depreciated) . Increased value from market glucuations is NEVER booked. You can create sub asset accounts for the improvements but you cannot arbitrariky increase any value without having spent tge same amount