The quick read
Key points
- Use a consistent project reference.
- Track refunds and closing credits.
- Retain the reviewed classification.
Use a project reference
Label each prospective property or acquisition effort consistently in your supporting file. Record the date, vendor, purpose and payer for each cost. Do not place an unpurchased property into live rental activity solely to make the filing system easier.
Preserve the source and outcome
Keep invoices, agreements, deposits, refunds and the eventual closing or cancellation evidence. Explain whether a payment was refundable and whether it was later credited at closing. Match credits to prior payments before entering the final statement.
Prepare a classification question
Some costs concern research, some professional services and some a specific acquisition. Present that factual distinction to your accountant instead of assigning every amount to ordinary repairs. The correct treatment cannot be inferred from a receipt total alone.
Keep the approved record
After professional review, record the supported classification and retain its explanation. Reconcile the project’s payments and refunds with the bank. This guide is not tax advice and does not determine start-up or acquisition-cost treatment.
Before you finish
- Use a consistent project reference.
- Track refunds and closing credits.
- Retain the reviewed classification.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.