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Real Estate Accounting: Record Security Deposits

Uncategorized Nov 23, 2023
 

Properly track your tenants' security deposits in QB Online

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Quickbooks Online: Real Estate Investing Setup

Uncategorized Nov 17, 2023
 

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

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How to Start Over with Quickbooks Online

Uncategorized Nov 09, 2023
 
My students always ask: "What do I do w/ my old data? I want to start fresh w/ QBO...but I have a ton of history to deal with". Use a simple journal entry instead of going back and slogging through thousands of transactions.
 
NOTE - This is a sample lesson from our end to end course: Real Estate Accounting Bootcamp. Check it out here: https://www.incomedigs.com/reab
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Cash at Closing Does Not Equal Profit

accounting qbo Nov 05, 2023
 

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!

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Classes Vs. Locations

accounting Oct 15, 2023
 

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

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Repair vs. Capital Improvement: How to Track in Quickbooks Online

Uncategorized Oct 06, 2023
 

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

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How to Setup Mortgage Escrow in Quickbooks Online

Uncategorized Sep 29, 2023
 

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

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QB Online for RE Investors - Purchase Property with Financing

Uncategorized Sep 15, 2023
 

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

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QB Online for RE Investors - Purchase Property with Cash

Uncategorized Sep 15, 2023
 

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

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How to Move Payroll Costs to Cost of Goods Sold (COGS)

Uncategorized Aug 25, 2023
 

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

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