Issue

The property has been sold and the settlement processed however, there is a residual cost showing for the sold property. How can I clear the residual cost?

Resolution

To resolve this issue, process a:

Step 1: Property purchase

Step 2: Property sale

Step 3: Add a new fixed asset on the Depreciation Worksheet

Step 4: Run a Realised Capital Gains Report 

Property purchase

Navigate to Fund Level > Transactions > Investment - Buy > Property Purchase Deposit

Process property purchase deposit event with zero deposit and zero remaining amount to add one unit to the property and its book cost 

Property Sale

Navigate to Fund Level > Transactions > Investment - Sell > Property Sale Deposit 

1. Process property sale deposit event with zero deposit and remaining amount of $0.01
   
   ​​​
   
   

   Navigate to Fund Level > Transactions > Investment - Sell > Property Sale Settlement 

2. Process property sale settlement event with remaining amount of $0.01 
   
   ​​​​​​

Add a new fixed asset on the Depreciation Worksheet

Navigate to Fund Level > Investments > Depreciation Worksheet

1. Click on New Fixed Asset
   
   
   
   
2. Enter that book cost showing on Statement of Financial Position as the purchase cost 
   
3. Select "Not Applicable" as the Depreciation Type 
4. Click Save 
5. Click on "sell all" on the Depreciation Worksheet screen.
   
   ​

Run a Realised Capital Gains Report

Search and run Realised Capital Gains Report

Navigate to Fund Level > Reports > Run Reports