Entering land values

[Turning Point]

We have received our property information from the county assessor's office. How do I enter this in PC to show the increased values?
We have a line item 01-1510 "Rusk Road Annex" and one 01-1610 "Rusk Road Property"

The 1510 is the land adjacent to our building and 1610 is the building. They are separate tax lots.

I am assuming, since I want those to increase, that I debit those accounts. I'm not sure what account to credit. Or I could be totally wrong.

I'm not a bookkeeper so it's confusing to me.

Thanks for all your help.

[NeilZ]

We have received our property information from the county assessor's office. How do I enter this in PC to show the increased values?
We have a line item 01-1510 "Rusk Road Annex" and one 01-1610 "Rusk Road Property"

The 1510 is the land adjacent to our building and 1610 is the building. They are separate tax lots.

I am assuming, since I want those to increase, that I debit those accounts. I'm not sure what account to credit. Or I could be totally wrong.

I'm not a bookkeeper so it's confusing to me.

Thanks for all your help.

Hi .. I found an answer and example from John Meyers on a similar thread that will help you;

... add directly to the building asset account and equity.
DB 01-1810-000 building asset $10,000
CR 01-3110-000 unrestricted net assets $10,000

In your case you would use 01-1510-000 and 01-1610-000 as the DEBIT accounts.

However, there is a big difference between the 'County assessed' value, and the actual sales value of the property. I would check with an accountant (perhaps one that is a member of your congregation) to see what is best to use.