How to Use Manager for Real Estate Business Anyone who is using it for Real Estate, i want to know best practice for real estate, like for selling buildings, flats, plots, construction etc, should we use inventory items or fixed assets or non inventory item. I mean what should be used, and if someone is already using please if you can help in all transactions related to it like how you consider the cost of construction of a new project, partner payments, etc
Like everything else, it depends on what you are trying to do. Judging from your comments I assume that you are either refurbing property or a developer.
If you are selling other owner’s property (estate agent) then each property is a stock item.
If you own the property then it is a fixed asset and the accommodation element is a stock item.
As for the refurb or development scenario then I suggest you allocate each property a special code so that when you process costs it can be done via the code numbers. That way you can run reports by code and see all costs for each property.
I’m using it for real estate funds. You should use inventory items.
Yes i think inventory items is good, i just checked in sale invoice we are unable to sell assets via sale invoice. Is it so or do i have to make some changes
It is so.