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FnF Contracting
February 26, 2023
Question

Real Estate Purchase with last months rent.

  • February 26, 2023
  • 1 reply
  • 0 views

When purchasing a property where the previous Landlord holds the tenants last months rent how I transfer out the last months rent?

I have a total transaction of $104000 payable to the lawyer .

$100000 will be allotted to the "Property, Plant, and Equipement":"Buildings" and the remaining $4000 to "Other Current Liabilities" : "Rents In Trust-Liabilities". 

The main issue ive come across is that be decreasing one account it also decreases the other... Either im missing something or recording the whole transaction wrong.

 

1 reply

R
ReymondO
February 26, 2023

Hey there, @FnF Contracting.

 

Can you share more details on how you record these transactions inside QuickBooks? Also, can you provide us with some info on how you set up these items in QuickBooks?  That way, I can provide you with the right solution to address your concern. 

 

Any additional info would be much appreciated. Please get back to this thread and we'll help you out. Have a good one.

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