Thanks Rustler. My use of "renovation" may not have been appropriate. The work on the building did extend its useful life (new roof, walls, utilities) so I created a new "buildings" fixed asset charge type in the chart of accounts for fixed assets, then made a subaccount "accumulated depreciation" to track the depreciation. Last year, we put a new roof on a second building, so I'll make another subaccount for that building to add those charges. Do these actions sound appropriate?
When I switch the category of the transactions from "capital" to these new fixed equity subaccounts, is this going to make the improvements show up as positive equity on the balance sheet? My accountant looked at my balance sheet and quickly pointed out that I should not have a negative number for the capital.
Thanks again!