Where to record Settlement Costs
What account would you record "Settlement costs under?
Forum Discussion
Yes settlement of property
This is a complex area and you should seek advice from your Tax Accountant.
The Cost, Stamp Duty and Legal Fees are recorded on the Balance Sheet.
I have a separate account for each.
Adjusting Entries eg water, rates, body corporate etc are recorded in the P&L.
You should have a Settlement Sheet from the Solicitor.
First, determine who the owner/s are.
Once again, seek advice from your Tax Accountant.
Duncan