Properly track your tenants' security deposits in QB Online

Quickbooks Online is perfect for RE Investing if setup correctly. Check out these three foundational tips for getting QBO setup correctly.

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!

You should not be using Locations to track property-specific transactions! Instead, use Classes or Customers. I show you why in this video!

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

Many mortgages require that you pay a monthly amount toward Tax & Insurance every month. Check out this super simple method for recording these escrow payments as well as the payments coming out of the escrow account

Following up on the Cash purchase, this video demonstrates how to purchase a property with financing. Specifically, we'll hit

1. Capture the Loan as a LT Liability
2. Differentiate loan costs from closing costs
3. Fund the Tax & Insurance Escrow Account
4. How to deal w/ Construction Escrow 5. Adding in Private/ hard Money Loans

Let's get back to basics with a quick-hitting demonstration on how to record the purchase or property in QBO.

1. Generic Chart of Accounts
2. Record the Purchase Deposit Ahead of Time
3. Differentiate between Capitalized and Expensed Closing Costs

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