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Level 1

Land improvement

Our company expanded the parking lot at our commercial real estate property. The cost is currently posted under an expense account. Shouldn't it be a fixed asset? How do I do that in QB Online? Thanks in advance.

Level 12

Re: Land improvement

Yes, it is a fixed asset. Go back to the expense transaction and edit the expense out, replacing it with a new fixed asset account for the parking lot. You get to expense it against income over time. Parking lots are 15 year items

Level 1

Re: Land improvement

Thank you, John! We also had the entire building painted at the same time and I'm thinking that should be treated the same as the expanded parking lot and not as an expense. Do you agree? 

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