Help with real estate purchase example

Hi, thanks for reading.

I purchased a residential rental. My background is quickbooks. In there, I go to “Write Checks” and then put my Fixed Asset account, Settlement charges (also fixed asset), and then any pro-rated taxes.
So I went into journal entries here, and mimic’d that, and it worked! And when I go to summary, it shows my fixed asset, all broken out correctly.

However, the main tab of “Fixed Assets” says 0, and journal entries says 1. So I guess I didn’t do something correctly. Should I start over and add a fixed asset, and then journal entry correct anything such as pro rated taxes (less my fixed asset) and settlement charges (a different fixed asset that I depr).


In Manager activate the Cash Accounts tab under Customise.
Then click on the Cash Accounts tab and click on “New Cash Account” and create your account.
Now click on Spend Money to do your payment.

To use the Fixed Assets tab, you first create “New Fixed Asset”
Then in your payment, firstly select the fixed assets account, then select the fixed asset.
This way all fixed assets are grouped under the one Balance Sheet account

Alternatively, if you want to see the fixed assets details as per your COA example then you don’t need to activate the Fixed Assets tab, but you could create a Fixed Assets heading as per below via the COAs

@beaconlight, you might do well to read some of the Guides before proceeding too far down any road. Manager isn’t QuickBooks, and very few transactions are actually recorded with journal entries. Start with these new or recently updated Guides and ask more questions on specifics:

Create a test business for experimentation:

Hi, thanks for your replies. I have read the guides but they are too basic for my needs.

My scenario is:
I purchase a property for $85k with $7200 improvements(deprciated), $922 hud fees (also depreciated), $983.97 in taxes (should reduce purchase price within fixed asset), and my total wire to closing agent was $84,938.03 (due to proration of taxes credited to me at closing).
To complicate things even more, I need to remove $10,000 from this asset and move it into LAND asset (that cannot be depreciated), so that when I calculate depreciation on the $84,938 it’s less 10,000 land.

I think we should consider a guide for purchasing a property because I would love to use this software for this business.

There is nothing complex in what you are doing, its just a matter of constructing the transaction correctly.
Your closing agent wire would come from a bank account so you would use Cash Accounts - Spend Money.

So now items which require depreciation can be and those that don’t, don’t.

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