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How to Setup Quickbooks Online for Flipping Houses
In this episode, Nick Baldo explores the use of QuickBooks Online for property flipping. He guides listeners on setting up a project, adding transactions, detailing rehab costs, and categorizing holding costs. He also discusses accounting for debt service, analyzing income, cost of goods sold, and net profit, and comparing projected and actual profits.
https://www.youtube.com/playlist?list=PL89qBCL2vU2sH_RUyXu80vBY5hR8kLBMK
End-to-End Accounting Course: https://www.incomedigs.com/reab2 (Enter Code YOUTUBE50 for $50 off!)
Super Power your Virtual Assistant: https://www.incomedigs.com/sva-waitlist
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
So you know how to analyze and plan your rehab/ flip project...but how do you track your actual performance? Quickbooks doesn't intuitively lend itself to strong Rehab/ Flip reporting....UNTIL NOW! Check out my method for setting up Quickbooks Online to report on your Flip/ Rehab projects!
(0:00) Introduction to QuickBooks Online for Flipping Properties
(3:32) Translating QuickBooks to give an exact outlook of property flipping
(8:08) Setting up a project in QuickBooks for property flipping
(11:32) Adding transactions and detailing rehab costs
(15:39) Discussing holding costs and their categorization
(17:56) Selling the property and accounting for debt service
(21:23) Overview of income, cost of goods sold, and net profit
(22:55) Comparing projected profits with actual profits
(24:22) Closing remarks and contact information
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By Nick BaldoIn this episode, Nick Baldo explores the use of QuickBooks Online for property flipping. He guides listeners on setting up a project, adding transactions, detailing rehab costs, and categorizing holding costs. He also discusses accounting for debt service, analyzing income, cost of goods sold, and net profit, and comparing projected and actual profits.
https://www.youtube.com/playlist?list=PL89qBCL2vU2sH_RUyXu80vBY5hR8kLBMK
End-to-End Accounting Course: https://www.incomedigs.com/reab2 (Enter Code YOUTUBE50 for $50 off!)
Super Power your Virtual Assistant: https://www.incomedigs.com/sva-waitlist
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
So you know how to analyze and plan your rehab/ flip project...but how do you track your actual performance? Quickbooks doesn't intuitively lend itself to strong Rehab/ Flip reporting....UNTIL NOW! Check out my method for setting up Quickbooks Online to report on your Flip/ Rehab projects!
(0:00) Introduction to QuickBooks Online for Flipping Properties
(3:32) Translating QuickBooks to give an exact outlook of property flipping
(8:08) Setting up a project in QuickBooks for property flipping
(11:32) Adding transactions and detailing rehab costs
(15:39) Discussing holding costs and their categorization
(17:56) Selling the property and accounting for debt service
(21:23) Overview of income, cost of goods sold, and net profit
(22:55) Comparing projected profits with actual profits
(24:22) Closing remarks and contact information