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Where do I put expenses for a new building? Also for renovations to a current building.
Hi Sarah!
When you are building an asset over time, the best way to deal with it is using what I like to call the Work in Progress method. You create an asset account, called Work in Progress, and post your purchases to that account. When the building is completed, you can then roll this amount into a single capital asset, instead of having a lot of little capital assets that are going to be difficult to keep track of.
We have written out this process in the following Knowledge Base article:
http://community.fccsoftwar...
It is the same sort of thing with renovations. There really is no way to tie the renovations to the original asset, other than using the same Tag. But, you would still use this work in progress method so that you only see one capital asset, rather than lots of little ones.
Feel free to browse that article, and let us know if there are any questions! I hope this helps!