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How to register the purchase of a house?

 
2 Comments
QuickBooks Team

Re: How to register the purchase of a house?

Welcome to the Online Community, xartuni-investme.


That's a good question! I can help you record the purchase of your house.


You can create an Asset account to input the transaction. Let me walk you through the steps.

 

Here’s how:

 

  1. Go to Accounting on the left panel, then choose Chart of Accounts.
  2. Click on the New tab.
  3. In the Account Type drop-down, select Fixed Asset.
  4. Choose the appropriate Detail Type.
  5. Enter the cost in the Balance field.
  6. Click on click Save and close.

For more insights about this, check out this article for more information: How do I set up an asset?


If you have follow-up questions or clarifications, reach out to me by mentioning my name. I’ll be around to help.

 

Established Community Backer ***

Re: How to register the purchase of a house?

@ xartuni

How to register the purchase of a house?

 

If you are renting the house, or it is used for the business in some way

then there is more to it than just creating a fixed asset account

In the US land is not subject to depreciation, so the cost of the land, while a fixed asset has to be booked to its own fixed asset account and the overall price of the house reduced by that amount

I set up the fixed asset structure like this, all accounts are fixed asset type

House, 123 some street
>> house cost
>> >> House accumulated depreciation
>> land, 123 some street

I use the most recent county tax receipt to find the way they separate the land from the house (improvements), find the percent of value for the land compared to the total appraisal and use that percent to allocate the cost of the purchase between house and land

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