Overview

Property renovations/extensions that are not recorded as Separate Depreciable Assets can be recorded as cost base adjustments to the existing property account. 

Record a Property Cost Base Adjustment

1. From the Transaction List screen, select New Transaction. From the drop down list, select Bank Statement.
   
   
2. Input the Date of the Cost Base Adjustment and a Reference number. You can include a description in the Description box.
   
   
3. Under the Account heading, select the bank account from the Input Bank Account box. Next, begin typing and select the property account 77200/INVESTCODE in the Input Account Box. 
   
   

4. Input 0 under the units column and the adjustment amount. The Instalment/Brokerage Adjustment Details panel will appear below. 

   You have to input "0" in the Units field and should not leave the field blank. Otherwise, this will be treated as a manual revaluation by SF360.

   
   

   
   
    

5. Complete the following fields in the Instalment / Brokerage Adjustment Details panel:
   

   Field	Explanation
   Settlement Date	The Settlement Date is the date the consideration for the adjustment cleared. This date will automatically appear as the purchase date input if step 2 has been completed. This field is fully editable by selecting a date from the calendar.
   Consideration	The adjustment amount will appear.
   Use selected parcel contract date	This check box is selected by default. The adjustment will use the original property purchase Contract Date.
   Select Parcel	You can review the original Contract Date by clicking Select Parcel. When ticked, the checkbox Use selected parcel contract date will automatically select the original parcel for you.

    

6. After you have entered all information for the transaction, select Post to add the transaction and to view the Transaction List screen, or select Post & Add  Another to add the transaction to the Transaction  List, but remain on the Bank Statement screen.

    

   If you are purchasing a property and recording the 30 day settlement amount, click here.