Purchase Value and Appraised Value

[Pastor Marshall]

Help
I'm using Version 10.4 and CREATED AN ACCOUNT TO TRACK THE NEW PIECE OF Land we purchased. I can't figure out how to place the dollar amount we paid for the land and what it was appraised for.

[Jeff]

To change the balance of any account, you need to enter a transaction to do so. With standard accounting methods you enter the amount that you paid for the land, not the appraised value. (Unless the land was a donation to the church, then it might be appropriate to use the appraised value.)

All costs associated with the purchase of the land are recorded as part of is value. (lawyers fees, closing costs, etc) This is why working with your local accountant is the best course for these types of questions. They need to know all the particulars of the transaction to give you a complete answer.

[Pastor Marshall]

Thank you for the timely and informative answer.