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Accounitng for Property Taxes

tschumachertschumacher Member Posts: 2

We purchased a property for retail space. Included in the "amounts paid by/for borrower" is a portion of the annual property taxes. These taxes are listed as adjustments for items unpaid by the seller on the closing Settlement Statement. They did not come out of the downpayment and we did not write a separate check, so there is no account that they came out of. How can I account for this in Wave?

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  • MikegMikeg Member Posts: 995 ✭✭✭

    @tschumacher,
    Property taxes paid on a closing statement are treated as an expense. You will need to record a journal transaction to post the real estate acquired using the closing document.

  • tschumachertschumacher Member Posts: 2

    Mike, thank you. I was missing the journal entries.

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