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.

@ 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

I do not understand. If I am buying a "house", why i have to choose -> 4.Choose the appropriate Detail Type?

The only options I have in quickbooks are:

Land

Building

Other Fixed Assets

Shouldn't be a specific option for a house?

We appreciate you for joining the thread, @Dan2022. I'd like to provide some more insights about setting up an asset account in QuickBooks Online.

There is an account type and a detail type for each account that is set up in your chart of accounts. Compared to account types, the detail types don't affect the actual accounting side of your books. Particularly if you're new to accounting, detail types will be your guide in selecting the appropriate account type. 

Additionally, they group the account types to monitor your money in and outs.

I advise consulting with your accountant to find out which type of account and tax forms to use. This helps in keeping the account in order. 

I'm also adding these helpful resources that you can read for more information about the process:

• Learn about account types and detail types in QuickBooks Online
• Learn where QuickBooks Online detail types appear on your tax forms

You can always get back to us so we can help further regarding this matter or QuickBooks as a whole. We'll make sure to reply as soon as we can. Take the best care! 
 

We have rental properties; Would I enter these the same way? 

Also, vehicles ; enter the same way? 

I want to keep up with expenses for each rental property and vehicle 

Thank you 

With regard to expenses for assets : repairs, utilities etc how do I enter these? 

Hello there, Debbie. I'm here to help you record the rental property and vehicles in QuickBooks Online (QBO).

To start, you'll have to create an asset account to track the rental property and vehicles in QBO. Here's how:

1. Navigate to the Settings menu and select Chart of accounts.
2. Next, click New. 
3. In the Save account under dropdown, choose either Fixed Assets or Other Assets.
4. Then, from the Tax form section dropdown, select the option that closely describes the asset.
5. Enter a name in the Account name field.
6. In Starting date and opening balance, select a starting date and current value of your asset account balance field. If recording the loan, leave this blank.
7. Once done, click Save.

For reference, check out this article: Set up an asset account in QuickBooks Online.

After that, you can create expense transactions for the rental and vehicles and use the account you've created. 

You can also reach out to your accountant to have further guidance in recording the assets. This is to ensure you'll account for the transactions correctly and avoid messing up your books. If you're not affiliated with one, you can use our Find an Accountant Tool. 

I'm always here ready to lend a hand if you have any other concerns about managing your rental property and vehicles in QuickBooks. Have a good day ahead and stay safe.