Greetings,
I have 3 properties I bought last year in my LLC. I received the updated valuation, which 1 decreased and 2 increased.
How do I enter those in my double-entry accounting system? I have an Asset account G/L entry for each of the properties. I can adjust those for one-side, but what account does the other-side go into? Or, do I not track property value until I sell it - then claim the Gain or Loss on an asset?
Thanx in advance for the info. Cevin