We acquired another property last month. This will be our first property that we will track in Stessa from the very beginning. Couple questions:
Since we do not have our “property bank account” setup yet, we paid for the property and costs out of a personal checking account. For all acquisition costs and initial operating expenses paid from our personal checking, should we record two transactions: 1) record cost/expense and 2) record owner contribution? How does that affect reporting and metrics?
Is it necessary to record a transaction representing the closing? Or is the acquisition covered by updating all of the property information? Maybe a better way to ask - how should all of the costs from the Closing Disclosure (Settlement Statement) be recorded in Stessa?