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How to Add Tax Write Offs into Quickbooks- Dealing with Intercompany Commingling
In this episode, Nick Baldo explores managing personal expenses and multiple business transactions in QuickBooks. He discusses strategies for handling intercompany loans and balancing assets, liabilities, and equity per company. Nick also shares methods to limit transactional errors and reinforce correct accounting practices in real estate investing.
Flipping: https://www.youtube.com/playlist?list=PL89qBCL2vU2sH_RUyXu80vBY5hR8kLBMK
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
End to End Podio Training: https://www.incomedigs.com/pcc
Check out our Podio Templates: https://bit.ly/3pE4DBt
Download our guide: https://www.incomedigs.com/qbosetupguide
What happens when you use your personal card for business expenses? Or you use one business card to pay for the expenses of a different business?? We've all done it...it's an unavoidable mistake for all entrepreneurs. In this video, I demonstrate how to account for these transactions in QBO without creating a mess in your Balance Sheet!
(0:00) Introduction to the episode
(2:01) Dealing with expenses made with the wrong card
(4:12) Utilizing QuickBooks for managing personal expenses
(8:09) Handling multiple businesses and cards in QuickBooks
(10:16) Managing intercompany loans in QuickBooks
(13:15) Balancing assets, liabilities, and equity per company
(15:22) Strategies for limiting transactional errors and cleaning up books
(16:50) Reinforcing correct accounting practices
(17:03) Sponsor: incomedings.com and real estate accounting boot camp
(17:22) Invitation to Income Digs newsletter and promotions
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By Nick BaldoIn this episode, Nick Baldo explores managing personal expenses and multiple business transactions in QuickBooks. He discusses strategies for handling intercompany loans and balancing assets, liabilities, and equity per company. Nick also shares methods to limit transactional errors and reinforce correct accounting practices in real estate investing.
Flipping: https://www.youtube.com/playlist?list=PL89qBCL2vU2sH_RUyXu80vBY5hR8kLBMK
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!)
End to End Podio Training: https://www.incomedigs.com/pcc
Check out our Podio Templates: https://bit.ly/3pE4DBt
Download our guide: https://www.incomedigs.com/qbosetupguide
What happens when you use your personal card for business expenses? Or you use one business card to pay for the expenses of a different business?? We've all done it...it's an unavoidable mistake for all entrepreneurs. In this video, I demonstrate how to account for these transactions in QBO without creating a mess in your Balance Sheet!
(0:00) Introduction to the episode
(2:01) Dealing with expenses made with the wrong card
(4:12) Utilizing QuickBooks for managing personal expenses
(8:09) Handling multiple businesses and cards in QuickBooks
(10:16) Managing intercompany loans in QuickBooks
(13:15) Balancing assets, liabilities, and equity per company
(15:22) Strategies for limiting transactional errors and cleaning up books
(16:50) Reinforcing correct accounting practices
(17:03) Sponsor: incomedings.com and real estate accounting boot camp
(17:22) Invitation to Income Digs newsletter and promotions