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November 2019
November 2019
What account would you record "Settlement costs under?
November 2019
November 2019
Please provide further information.
Are you talking about a Property Settlement?
Duncan
November 2019
November 2019
Yes settlement of property
November 2019
November 2019
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