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.
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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