REI Hub makes it easy to track your Fixed Assets and Accumulated Depreciation. Fixed Assets include your rental property as well as capital improvements you make to the property (such as a substantial renovation or a new HVAC system). After a Fixed Asset has been set up, you can book Depreciation against it.
To add a new Fixed Asset:
1) Navigate to the Fixed Assets page.
Find it under Accounts on the left side menu.
2) Click 'Add Asset'
You are also able to add a new Fixed Asset when using the Fixed Asset Purchase transaction type.
3) Enter the information you have readily accessible
Creating a Fixed Asset does not automatically create a journal entry. After your Fixed Asset has been created, you will be able to populate it with the relevant transaction(s).
Most of the fields are optional so that you can create the Asset with the information you have at hand, and update it later.
The Asset Type has multiple options- select the one that best fits.
4) Click on your new Fixed Asset
5) View details, Edit, and Add Transactions from the specific Fixed Asset Page
6) Add the relevant transaction(s)
The Fixed Asset Purchase transaction type is the most commonly used. You can select a single asset account.
Manual Journals are only required for property purchase, loan origination transactions, or to set your Fixed Asset starting balances.
The Fixed Asset Purchase, Depreciation, and Manual Journal transaction types are also available from Add Transaction quicklink.
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