Which account should I put for an investment property settlement when receiving in EFT account?
Shoud I create an account under income for this settlement?
I found an account under asset against this property. Shall I use this assest account to record settlement?
Thanks!
Hi 1233
Generally speaking, if you have sold a held asset you would reduce the asset account for that asset and increase the bank account. However, as you are probably well aware, property selling can be complex and thus we do recommend that you speak to your accounting advisor. They should be able to select the appropriate accounts for your account structure and business needs.
Commonly you would record those large business transactions such as the sale of a held asset through a Journal entry.
