Its a very common question I get: Why is my cash at closing not the same as the Net Profit on my P&L??
Investors have long been trained that the cash they receive after closing the sale of a deal equates to their profit. This is almost never the case!
Without question, one of the most common questions among real estate investors and their bookkeepers is: "Should I capitalize this cost or deduct it as an expense" I'll break this down and show you how to add your renovations to Quickbooks Online
Following up on the Cash purchase, this video demonstrates how to purchase a property with financing. Specifically, we'll hit
Let's get back to basics with a quick-hitting demonstration on how to record the purchase or property in QBO.
By default, QBO will categorize all your payroll costs as Expenses. But what about the labor that we sell to our customers? We should be accounting for that as Cost of Goods Sold. Check out my super quick trick to move a portion of monthly payroll costs from Expenses to COGS