Quickbooks Online is always making changes. For better or for worse, the interface is dynamic. One of the most common questions I have is how to add accounts in the new interface. Check it out here!
I just sold a rental property! Watch me properly record the sale in QB Online.
Click to download the Rehab Estimator
The most crucial aspect of your Flip/ Renovation analysis is the Rehab costs. This comprehensive tool will ensure you are counting every penny and considering all aspects of the project.
Mortgage Payments can get complicated. We have interest, principal...sometimes even an escrow account. But we need QBO to accurately reflect our mortgage balance. Check out this video where I show you exactly how to add mortgage payments to your books (I even include a game-changing shortcut!)
Every business owner will contribute cash to their own business. This can come in the form of a capital infusion, or just using your personal card for business expenses. This video demonstrates how to track such expenses in QBO.
You can't always get your books 100% accurate throughout the year. Of course we should have day to day processes to help reduce the need for reconciliation...but we'll always have a bit of cleanup.
Luckily for us, we can make use of Journal entries to help move things around and make corrections. We will always need journal entries for transactions like tracking depreciation...but we can also use it for quick fixes. Check out this quick lesson from Real Estate Accounting Bootcamp...make sure you're comfortable making journal entry corrections!
Your Chart of Accounts is the backbone of your bookkeeping architecture. Don’t fall into the trap of creating a “one-dimensional” COA. Prepare your business to scale with a 2-dimensional Chart of Accounts.