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How to Use Open Balance Equity
In this episode, Nick Baldo offers a comprehensive guide on using QuickBooks for real estate investors. He discusses recording property purchases, aligning balance sheets with tax returns, and adjusting account balances for accuracy. He also highlights the importance of QuickBooks for business scaling and introduces the Real Estate Accounting Boot Camp.
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
Congratulations! You've finally decided to make the move to Quickbooks Online! But what about all your historical financial data!? Do you really have to go through and add all of that to QBO?? No! Make use of "Open Balance Equity" to start your QBO journey with accurate account balances.
(0:00) Introduction to QuickBooks for real estate investors
(2:40) Ensuring accuracy in QuickBooks and understanding open balance equities
(5:09) Recording property purchases and setting up a new journal entry in QuickBooks
(9:31) Aligning your balance sheet with your tax returns and adjusting your checking account balance
(12:07) Using open balance equity for other accounts and adjusting credit card balance
(14:09) Balancing equity and checking account in QuickBooks for accurate financial reporting
(15:20) Importance of QuickBooks for business scaling and accurate balance sheet
(15:55) Introduction to Real Estate Accounting Boot Camp at incomedigs.com/reab
(16:27) Closing remarks and invitation to check free resources at incomedigs.com
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By Nick BaldoIn this episode, Nick Baldo offers a comprehensive guide on using QuickBooks for real estate investors. He discusses recording property purchases, aligning balance sheets with tax returns, and adjusting account balances for accuracy. He also highlights the importance of QuickBooks for business scaling and introduces the Real Estate Accounting Boot Camp.
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
Congratulations! You've finally decided to make the move to Quickbooks Online! But what about all your historical financial data!? Do you really have to go through and add all of that to QBO?? No! Make use of "Open Balance Equity" to start your QBO journey with accurate account balances.
(0:00) Introduction to QuickBooks for real estate investors
(2:40) Ensuring accuracy in QuickBooks and understanding open balance equities
(5:09) Recording property purchases and setting up a new journal entry in QuickBooks
(9:31) Aligning your balance sheet with your tax returns and adjusting your checking account balance
(12:07) Using open balance equity for other accounts and adjusting credit card balance
(14:09) Balancing equity and checking account in QuickBooks for accurate financial reporting
(15:20) Importance of QuickBooks for business scaling and accurate balance sheet
(15:55) Introduction to Real Estate Accounting Boot Camp at incomedigs.com/reab
(16:27) Closing remarks and invitation to check free resources at incomedigs.com