We are in the final stages of building a house that we will rent out. I have set up a project to track expenses and revenue, but not entirely sure on the accounts to use.
Would I set up an expense account for appliances 5115 and an asset account 1840?
I am totally lost on this.
We will be having separate expense accounts for Furniture, appliances and Equipment.
I will have to show rent that we collect as revenue as well.
Any help is appreciated !!