Sunday, August 30, 2015

August Expense 2015 Tally

I'm doing this monthly reporting again because a lot will be forgotten soon if I don't. To summarize: basic expenses include food, utilities and repairs. Food and utilities are self-explanatory. Utilities include electricity, water and phone bills.

Repairs were formerly expensed out in the month they are incurred or paid. This year I changed the treatment of all repair costs. I am capitalizing them all and putting them all to Property Improvements except for repairs specific to the period, non-recurring and small. I will systematically charge this cost over the life of the assets as depreciation. This treatment will be more logical and values assets more accurately.



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