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JPM933
Level 1

Parking lot replacement


I handle books for property mgt business. We recently replaced the parking lot.  I paid the first installment by issuing a check from an escrow account sent up for expenditures and charged it to an expense account named building improvements.  My problem now is that I don’t know how to show capital improvement on the balance sheet as an asset account.   

1 Comment 1
john-pero
Community Champion

Parking lot replacement

A major oarking lot is a 10 or 12 year asset and then biannual topping is an expense. All your payments should post to an asset account.  Add a new account fixed asset type for this instead of the ecpensd account you used

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