I recently purchased a vacation home and the first year Hazard Insurance was taken out of the settlement which included
I need to figure out how to show the first year's Hazard Insurance as an expense for the Rental Unit. Anybody have any ideas?
Many Thanks!
jim
Set up your expense accounts and pre paid accounts (HOA dues) then post as a split transaction to each of those accounts. Hazard insurance being one of your expenses.
Another thought is to set up one expense account plus one pre-paid asset account and then use TAGS to differentiate but you still use a split transaction to post them.
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