Income Digs

Income Digs

By Nick BaldoBusinessEntrepreneurshipEducationHow To
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Income Digs episodes

  • QuickBooks for Property Management - Tenants and Owners
    In this episode, Nick Baldo introduces QuickBooks online for property management, explains the related workflows, and how to set up products and services. He also covers invoicing, creating recurring credit memos, and checking financial reports. Future topics include managing accounting for self-managed properties.

    End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)

    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    Website: http://www.incomedigs.com

    Streamline property management tasks using QuickBooks Online

    (0:00) Introduction to QuickBooks online for property management
    (1:02) Overview of the property management workflow within QuickBooks
    (3:03) Workflow of creating monthly recurring tenant invoices and paying out expenses
    (6:09) Setting up the products and services for property management
    (8:07) Displaying columns by customers in the balance sheet
    (11:47) Invoicing the owner for property management fees and billable expenses
    (15:17) Creating recurring credit memo for the property owner
    (17:52) Overview of the recurring invoices process
    (20:23) Checking the financial report for EAB properties
    (22:16) Preview of future topics: managing property accounting for self-managed properties
    23 min
  • Real Estate Accounting- Flips on your P&L or Balance Sheet? (Part 2)
    In this episode, Nick Baldo covers various aspects of real estate investing and bookkeeping. He discusses managing transactions, tracking rehab expenses, preparing for property sale, and accounting for selling costs. Nick also simplifies recording of sales and explores balance sheet and P&L transfers. The episode concludes with a mention of Income Digs courses and resources.

    End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)

    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    Website: http://www.incomedigs.com

    Watch Part 1: https://www.youtube.com/watch?v=aRL1MDYFMZ4&t=0s

    We continue with our previous example and eventually sell the property to get it off our books.

    (0:00) Introduction and Review of Previous Episode
    (4:17) Managing Transactions and Zeroing Out the Balance Sheet
    (5:33) Tracking Rehab Expenses and Understanding the Escrow Account
    (9:51) Preparing to Sell the Property and Clearing Balance Sheet Entries
    (14:35) Accounting for Selling Costs and Dealing with Hard Money Loan Balance
    (17:00) Simplifying the Recording of Sale and Dealing with Journal Entries
    (20:07) Understanding Balance Sheet and P&L Transfers
    (20:56) Sponsor: Income Digs Courses and Resources
    (21:22) Closing Remarks and Call to Comments
    22 min
  • Real Estate Accounting- Flips on your P&L or Balance Sheet (Part 1)
    In this episode, Nick Baldo introduces QuickBooks online for real estate investing, overviews Real Estate Accounting Boot Camp, and discusses the treatment of expenses on property flips. He dives into QuickBooks Projects and Classes, analyzes property on a profit and loss level, and walks listeners through recording various costs. He also talks about balancing the balance sheet, benefits of tracking by class and customer, and planning for the next financial year and sales strategy.

    End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)

    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    Rehab Property Analyzer: hhttps://www.incomedigs.com/rehab-property-analyzer
    Website: http://www.incomedigs.com

    It's a common debate: Should I put my flips on my Balance Sheet or P&L? It Depends! I'll walk you through how to do both and how to transfer between the two. (Part II coming in 1 week!)

    (0:00) Introduction to QuickBooks online for real estate investing
    (0:29) Real Estate Accounting Boot Camp Overview
    (1:04) Treatment of Expenses Incurred on Property Flips
    (3:33) Diving into Projects and Classes in QuickBooks
    (5:12) Property Analysis on Profit and Loss Level
    (9:16) Walk-through: Recording Purchase Price, Buying Costs, and Holding Costs
    (13:07) Recording Rehab Expenses and Progressing with Renovations
    (16:10) Balancing the Balance Sheet: Discussing Loan Payments
    (22:22) Benefits of Tracking by Class and Customer
    (27:58) Planning for the Next Financial Year and Sales Strategy
    (28:49) Sponsor: IncomeDigs.com - Promoting Educational Resources and Courses
    (29:10) Closing Remarks and Discount Offer for YouTube viewers
    30 min
  • Real Estate Accounting- Record Security Deposits
    In this episode, Nick Baldo explores the complexities of handling security deposits in real estate accounting. He discusses recording purchases, tracking changes, handling non-returnable deposits, and managing interest. He also gives insights on QuickBooks use for these transactions and promotes the QBO mini camp course.

    Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ

    End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)
    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    Official Website: http://www.incomedigs.com

    Properly track your tenants' security deposits in QB Online

    (0:00) Introduction to the episode: Demystifying security deposits in real estate accounting
    (1:45) Recording security deposits when purchasing a property
    (4:11) Setting up a new tenant for tracking security deposits and allocating them
    (6:12) Recording additional security deposits for pets and setting up products and services in QuickBooks
    (10:34) Tracking changes to security deposits and handling them in separate interest bearing accounts
    (13:58) Accounting for interest gained on security deposits and transferring them between accounts
    (16:15) Returning the security deposit and reviewing the transaction in QuickBooks
    (17:41) Handling damages, non-returnable deposits, and interest owed on security deposits
    (18:49) Recording retained deposits as income and final thoughts on tracking and returning security deposits
    (20:40) Promotion for QBO mini camp course
    22 min
  • Real Estate Accounting - Quickbooks Setup
    In this episode, Nick Baldo explores the use of QuickBooks online for real estate investing and business growth. He discusses challenges in real estate accounting and solutions, mastering journal entries, and the role of cost codes. Also, learn about adding and mapping products/services and a revisit of the fundamentals of scalable QuickBooks setup.

    Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ

    End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)
    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    2-Dimensional Chart of Accounts: https://www.youtube.com/watch?v=rPVScDr3f9s
    Purchasing Real Property - Part 1: https://www.youtube.com/watch?v=mA5CJH8tRbE
    Purchasing Real Property - Part 2: https://www.youtube.com/watch?v=8C1LQciF77Q
    Products/Services: https://www.youtube.com/watch?v=6MF-7BNdVkk
    Official Website: http://www.incomedigs.com

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

    (0:00) Introduction to QuickBooks online for real estate investing and building business
    (1:15) The fundamentals of scalable QuickBooks online setup
    (4:22) Challenges and solutions in real estate accounting
    (7:03) Mastering journal entries in QuickBooks online
    (13:40) Leveraging products and services in QuickBooks online for real estate investors
    (15:48) Role of cost codes and categories in QuickBooks online
    (17:38) Adding and mapping products and services in QuickBooks
    (19:35) The three fundamentals of a scalable QuickBooks online setup revisited
    (20:09) Introduction to Real Estate Accounting Boot Camp 3.0
    (20:57) Conclusion and next steps
    21 min
  • How to Start Over with Quickbooks Online
    In this episode, Nick Baldo introduces the Real Estate Accounting Boot Camp course and guides listeners through transitioning to QuickBooks online. He provides a detailed walk-through of setting up QuickBooks for real estate accounting, adding various account types and expense types, and correcting common errors. The episode concludes with establishing a set point in time for moving forward with the new system.

    End-to-End QB Training: https://www.incomedigs.com/reab

    Free QBO MiniCamp: https://bit.ly/3uNlesQ

    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

    (0:00) Introduction and explanation of Real Estate Accounting Boot Camp course
    (1:29) Challenges and strategy of transitioning to QuickBooks online
    (3:14) Step-by-step guide to setting up QuickBooks for real estate accounting
    (8:05) Importance of saving work and adding various account types in QuickBooks
    (14:06) Detailed walk-through of adding different expense types to QuickBooks
    (17:51) Checking final line and adjusting for rounding errors in QuickBooks
    (19:00) Populating account types and checking the balance sheet in QuickBooks
    (20:22) Addressing common issues and mistakes in QuickBooks
    (22:09) Illustrating the correction process through a hypothetical scenario
    (25:10) Establishing a set point in time and moving forward with the new system
    (25:34) Closing remarks and promotion of the Real Estate Accounting Boot Camp course
    27 min
  • QBO for Real Estate - Cash at Closing Does not Equal Profit
    In this episode, Nick Baldo deep-dives into the difference between profit and cash at closing in real estate. He discusses factors affecting this equation, how to account for expenses and renovations, and recording property sales in QuickBooks. He also explores the significance of adjusting for financed deals, understanding balance sheets, and the implications of bank draws. Lastly, he emphasizes the importance of separating cash at closing from profit and introduces a Real Estate Accounting Boot Camp.

    End to End QBO Training: www.incomedigs.com/reab

    Free QBO MiniCamp: https://bit.ly/3uNlesQ

    Your cash at closing will almost never equal your profit on a deal. In this video, I break down exactly why this is the case!

    (0:00) Introduction and Explanation of Profit versus Cash at Closing
    (1:16) Factors Affecting Cash at Closing Equals Profit
    (4:06) Accounting for Expenses and Renovations in QuickBooks
    (6:29) Recording Property Sale in QuickBooks
    (9:52) Adjusting for Financed Deal in QuickBooks
    (14:41) Conclusion: Difference between Cash at Closing and Profit
    (15:36) Understanding Balance Sheet and Construction Escrow
    (16:30) Bank Draws and Their Implications
    (17:06) Loan Payoff Calculation
    (18:53) Importance of Disconnecting Cash at Closing from Profit
    (19:42) Conclusion and Announcement about Real Estate Accounting Boot Camp
    21 min
  • 3 Bookkeeping Secrets to Scale your Real Estate Investing Business
    In this episode, Nick Baldo delves into real estate accounting, discussing the importance of accurate reporting and proactive decision-making. He explores the use of QuickBooks for real estate investing, including managing property accounts and balance sheets. Nick also discusses budgeting, cash flow assessments, and working with multiple business entities.

    Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ

    End-to-End Accounting Course: https://www.incomedigs.com/reab2 (Enter Code YOUTUBE50 for $50 off!)
    Free QBO MiniCamp: https://bit.ly/3uNlesQ
    Free Download: https://www.incomedigs.com/chart-of-accounts
    Official Website: http://www.incomedigs.com

    REAB 3.0 is Live! Check out our most comprehensive training to date.

    (0:00) Introduction and Overview of Real Estate Accounting Boot Camp 3.0
    (2:30) Importance of Accurate Reporting and Proactive Decision-Making in Real Estate Investing
    (4:01) Deep Dive into QuickBooks' Chart of Accounts for Real Estate Investing
    (9:18) Introduction to Two-Dimensional Chart of Accounts and Differentiating Projects
    (12:23) Generating Balance Sheets and Managing Property Accounts in QuickBooks
    (15:21) Handling Different CapEx and Maintaining Balance Sheets
    (17:04) Underutilization of Products and Services in QuickBooks Online
    (19:09) Incorporating Budgeting Categories and Adding Products & Services in QuickBooks
    (23:27) Q&A: Utilizing Two-Dimensional Chart of Accounts and Mapping Products & Services
    (26:38) Working with Multiple Business Entities in One QuickBooks Subscription
    (32:00) Assessing Cash Flow and Understanding Statement of Cash Flows in QuickBooks
    (34:04) Wrap-up and Introduction to Real Estate Accounting Bootcamp 3.0
    36 min
  • Quickbooks for Real Estate - Classes vs. Locations
    In this episode, Nick Baldo delves into the use of QuickBooks Online for real estate. He discusses location tracking, recording property purchases, and class tracking for multiple properties. Further, he explores the application of location tracking for business entities, analyzes balance sheets, and handles property purchases for different businesses. Finally, he provides an overview of multiple entities within QuickBooks Online subscription feature.

    Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ

    https://www.incomedigs.com/reab
    1 Subscription, multiple entities: https://www.youtube.com/watch?v=u8ml1QxvOF0&t=1s
    Free QBO MiniCamp: https://bit.ly/3uNlesQ

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

    (0:00) Introduction and Understanding QuickBooks Online for Real Estate
    (1:32) Location Tracking in QuickBooks and Property Specific Tracking Using Class
    (4:21) Recording Property Purchases and Expense Management
    (6:09) Advantages of Class Tracking for Multiple Properties
    (8:30) Utilizing Location Tracking for Business Entities
    (10:50) Analyzing Balance Sheet by Business
    (11:50) Handling Property Purchases for Different Businesses
    (13:24) Overview of Multiple Entities within QuickBooks Online Subscription Feature
    (13:57) Conclusion and Additional Resources
    15 min
  • Repair vs. Capital Improvement- How to Track in Quickbooks Online
    In this episode, Nick Baldo delves into the intricacies of capital improvements and cost of goods sold in real estate investing. He explains how to log capital improvements in QuickBooks, the role of CapEx, and the capitalization of expenses. Additionally, he discusses project tracking, expense allocation, and how to differentiate expenses using the customer feature in QuickBooks. The episode wraps up with an introduction to the Real Estate Accounting Bootcamp course.

    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

    Every business owner will contribute cash to their own business. This can come in the form of a capital infusion, or just using your personal card for business expenses. This video demonstrates how to track such expenses in QBO.

    (0:00) Introduction and topic overview
    (0:14) Capital improvements and cost of goods sold in real estate investing
    (1:03) Buying and splitting a property - a practical scenario
    (2:03) Capitalizing vs extending expenses: IRS guidelines and depreciation schedules
    (3:29) The role of CapEx category and the use of a generic chart of accounts
    (4:12) How to log capital improvements in QuickBooks
    (6:30) Transitioning expenses from CapEx to rehab costs
    (8:11) Customer feature in QuickBooks for differentiating expenses
    (14:25) CPA advice on capitalization of expenses and journal entries
    (16:07) Project tracking, expense allocation, and troubleshooting
    (18:28) Understanding CapEx vs cost of goods sold for project expenses
    (19:28) Listener engagement and introduction to Real Estate Accounting Bootcamp course
    (20:10) Conclusion and request for future topic suggestions.
    21 min

About Income Digs

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"Income Diggs" is a podcast focusing on the use of technology to help real estate investors and bookkeepers expand and streamline their operations. The show provides insights into technological…