With new fields for useful life and date placed in service, along with a new reporting feature, it’s now easier than ever to manage and track capital expenses in Stessa.
From experience, we know that many rental property owners maintain their own capital expense schedules. CPAs often handle the depreciation aspect and determine when various safe harbor provisions apply, but most owners like to keep detailed schedules so they always know how much equity they’ve invested in a given property.
Add a New Capital Expense
When you add a new capital expense transaction to Stessa, we’ll now automatically prompt you to enter a date placed in service and to make a useful life determination. These important details are then shown on the new “Capital Expenses” report available via the “Reports” button on your Transactions page.
If you’ve already imported capital expenses to your Stessa account, you’ll want to visit your Transactions page to add the additional details. Quickly filter to see only “Capital Expenses” and then edit each entry to include the date placed in service and useful life information. Finally, run your Capital Expenses report for a comprehensive view of all capital projects.
If you need some help sorting out date placed in service and useful life for a particular capital project, be sure to check out our new help article: How to Track Capital Expenses.
Tax Package Now Includes CapEx Schedule
Perhaps best of all, the new Capital Expenses report is now also included in the Stessa Tax Package functionality that enables quick and easy sharing with your CPA. Note that the Capital Expenses schedule will always show all capital expenses incurred to date, regardless of the time frame you’ve selected for other reports.
While our Product, Engineering, and Success teams all put a considerable amount of research and planning into these new Capital Expense features, we’d love to hear your thoughts on how to make this new functionality even better. Send us your candid feedback!