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treasurer175
Level 1

How do I record owning land and building without recording the purchase?

I recently took over the books for our church and switched from Excel to QBO. Because of this, I’ve started the QBO file January 1st which is the beginning of our fiscal year. The land and church building were purchased prior to this. How do I record the property as a long term asset and set up building depreciation in my chart of accounts? Without recording the actual building purchase.