Landlord Vision Software

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Member 0057
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I am trying to teach myself to use Landlord Vision Software which RLA partners with. I wonder if there are any users out there who can help with the following.

Recording the Sale of a Property

  1. I originally set the property up as an asset
  2. On sale of the property I posted Income into the property manager module with an item description of Property Sale.
  3. This resulted in the sold property remaining as an asset, but with a negative balance, akin to the capital gain on the original cost, not taking into account purchase costs and sales costs.

What I would have expected is the asset to set to NIL and the gain to be picked up elsewhere but not as a gain in the PL but as a capital gain.

If this makes sense to anyone I would really appreciate some clarity and help.

Many thanks

07/02/2018 12:19

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