Fixed Assets - Property Type

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Posted on by Rosemary

Good day,

I am trying to understand the field 'Property Type' in Fixed Assets. I say trying to understand because of the options given. Why ' Personal', what is 'Personal, Listed', the assets being entered relate to business.

Regards,

Rosemary

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HeatherD 425 on at

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Rosemary,

Personal versus Real deals with the mobility. Think of real like real estate - buildings and such are not easily moved. The distinction between Personal and Personal Listed is that listed property is that personal property that may appreciate rather than depreciate in value (jewelry, art, etc.).

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HeatherD 425 on at

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Adding a quick reference: www.nysscpa.org/.../accounting-terminology-guide

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Rosemary 10 on at

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Thanks Heather for your response and the link, the information was helpful.

Rosemary

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