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I will be purchasing REIT investment shares from an LLC owned

Customer Question
by 2 people. I'm 51%...
I will be purchasing REIT investment shares from an LLC owned by 2 people. I'm 51% and other partner is 49%.
Money will go directly from checking to purchasing assets.
How do I account for these in quickbooks?
Submitted: 1 year ago.Category: Finance
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Answered in 12 hours by:
4/8/2016
Financial Professional: Rakhi Vasavada, Financial and Legal Consultant replied 1 year ago
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
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Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you. If I understand correct, you wish to purchase REIT units for investments. As you are aware, Real Estate Investment Trusts (REITs) are often described as instruments that offer investors the opportunity to invest in a professionally managed portfolio of real estate, through the purchase of a publicly-traded investment product. YOU invest in a REIT by purchasing units of the trust, similar to shares of a common stock. Having said this, this is recorded like any other investments like shares, mutual funds, etc are recorded. Investment A/c DRTO Bank A/c (as the money would directly be paid out form the bank) This will list under "Current Assets" on the Balance Sheet. Now coming to another part of the question. How do you record this in Quick Books? Any current asset account will work, but you probably should use a bank type account so that you can use the Reconcile function if needed. The idea is to keep track of the cost basis by entering purchase transactions as they occur. I am sure this would help. You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question. Warm Regards,
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