The quick read
Key points
- Use the final closing statement.
- Match prior deposits and the final wire.
- Retain the reviewed allocation.
Gather the complete closing pack
Retain the final closing statement, purchase agreement, funding evidence and lender documents. Label the property and closing date on the set. A bank withdrawal alone does not describe the purchase price, financing and adjustments shown across those records.
Map the money movements
Identify deposits already paid, the closing wire, new loan proceeds and credits or adjustments on the statement. Compare them with the source bank accounts. A deposit recorded earlier should not become a second payment when the final statement is entered.
Ask for an allocation review
Prepare a line-by-line worksheet of the statement and supporting invoices. Ask your accountant which amounts belong in asset records, expenses, liabilities or other accounts. Do not classify every closing cost based on its label or use a generic allocation as a substitute for review.
Check the opening picture
After approved entries, compare bank movement, loan balance and property records with the closing documents. Keep the reviewed allocation and explanation with the source. Purchase accounting and tax basis decisions require professional review; this is not tax advice.
Before you finish
- Use the final closing statement.
- Match prior deposits and the final wire.
- Retain the reviewed allocation.
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.