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Categorizing Items in Closing Documents
I recently bought a multifamily building and have to account for all the items in the closing documents on my accounting software.
Loan Origination Fee =
Appraisal Fee =
Suits, lean, judgment search =
Loan doc prep fee =
Flood certification fee =
Environmental Review Fee =
Wire Transfer Fee =
Title search =
Title examination =
Attorney’s Fees =
Title Insurance =
Recording Fees =
Another recording fee =
Electronic recording fee=
delivery fee =
I know how to categorize some of them. I also received rents up until closing day which I know will be under “Rental Income” but I’ve been having a hard time thinking how I should categorize Security deposits. I received the total security deposit amount for all the units in the closing documents which deducted the final amount that I had to pay in the end but I don’t have it in my bank account because the property management company has it. I ended up sending a check out to the property management company for the total amount of the security deposits after closing. That's where I'm stuck right now.
Oh, I also have spent thousands on giving each unit its own water meter so they can pay the water bill. I don't think that would be an expense... right? On the same subject, I still have to pay the plumbers for the work to complete this process. Should I categorize it the same?