Real estate accounting question:
Using rent manager.. doesn't have any obvious place to input property values, mortgage owed liability, depreciation etc (not much of an accounting software, more rent collection operations.. ).
Anyway, practically, if property purchase was 1mm, mortgage was 850k, and a whole slew of debits and credits on the HUD...
What are the JE?
debit asset 1m, credit mortgage p, 850, credit cash for down payment, .
- what's w the rest - appraisals, legal, broker etc? The cash deducted upfront.. how to book?