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Forum
-> Working Women
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amother
OP
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 Wed, Jun 12 2019, 7:52 pm
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I do bookkeeping on the side and my client bought a building. I never booked a closing in rent manager before . Anyone know if there’s a basic idea what gets booked as a debit and credit etc?
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STovah
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Wed, Jun 12 2019, 8:15 pm
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Debit building ( and loan costs, if applicable) credit cash and/or mortgage payable. Numbers should be recorded off of a settlement statement.
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amother
Papaya
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Wed, Jun 12 2019, 8:22 pm
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I’m the financial controller of a real estate company. It’s very important that this be done properly. It should be handled by an accountant and not a bookkeeper. In general, land and buildings are debits, loans are credits, but there are adjustments, loan costs and closing costs that affect the balance sheet. Give the closing statement to your accountant and have them prepare it for you.
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amother
Apricot
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Wed, Jun 12 2019, 10:35 pm
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You need someone who knows how to book a closing do it. Go to your accountant or find one who knows what they are doing it to do it for you.
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