Fixed Asset or Expense?
(Arlington, TX, USA)
We are a non profit church , about to purchase a building on which we will be making some general improvements (bring building up to code, carpet, pews, painting etc).
We have enlisted the help of an architect for design purposes as well. I am not a CPA, but I am a volunteer treasurer keeping the books.
Can someone please tell me if I account for these expenses as part of our "building" as a fixed asset, or do I expense some of these?
I'm about to do this month's bookkeeping and have made the first payment to the architect. Is that an expense or do I begin putting that into the fixed asset account of our "building"?
Thank you so much for the help!!