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From: J. Newark on 18 Jul 2010 20:36
I recently purchased a vacation home and the first year Hazard Insurance was
taken out of the settlement which included
20% down payment, 1st month P & I, Home Owners Dues, closing costs etc
etc....

I need to figure out how to show the first year's Hazard Insurance as an
expense for the Rental Unit. Anybody have any ideas?

Many Thanks!

jim

From: Mr.Jan on 19 Jul 2010 06:54
On Jul 18, 8:36 pm, "J. Newark" <ski_na...(a)hotmail.com> wrote:
> I recently purchased a vacation home and the first year Hazard Insurance was
> taken out of the settlement which included
> 20% down payment, 1st month P & I, Home Owners Dues, closing costs  etc
> etc....
>
> I need to figure out how to show the first year's Hazard Insurance as an
> expense for the Rental Unit.  Anybody have any ideas?
>
> Many Thanks!
>
> jim

Set up your expense accounts and pre paid accounts (HOA dues) then
post as a split transaction to each of those accounts. Hazard
insurance being one of your expenses.

From: Mr.Jan on 19 Jul 2010 06:56
On Jul 18, 8:36 pm, "J. Newark" <ski_na...(a)hotmail.com> wrote:
> I recently purchased a vacation home and the first year Hazard Insurance was
> taken out of the settlement which included
> 20% down payment, 1st month P & I, Home Owners Dues, closing costs  etc
> etc....
>
> I need to figure out how to show the first year's Hazard Insurance as an
> expense for the Rental Unit.  Anybody have any ideas?
>
> Many Thanks!
>
> jim

Another thought is to set up one expense account plus one pre-paid
asset account and then use TAGS to differentiate but you still use a
split transaction to post them.
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