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Quickbooks for Real Estate - Why your Balance Sheet is Off
In this episode, Nick Baldo delves into managing real estate accounting using QuickBooks. He covers adding properties to the balance sheet, recording loan payments, and understanding class display issues. He also discusses the use of journal entries, tracking fixed assets, and handling the "not specified" category in QuickBooks.
https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
https://www.incomedigs.com/reab
1 Subscription, multiple entities: Quickbooks Online: Hhttps://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 to managing real estate accounting in QuickBooks
(2:22) Adding a property to the balance sheet and under fixed assets in QuickBooks
(3:52) Making a loan payment and recording it as an expense
(6:26) Understanding the issue with displaying columns by class in QuickBooks
(8:43) Using journal entry for equivalent transaction
(10:13) Importance of not tagging the class for checking account transactions
(11:13) Tracking fixed assets, first position loan, and equity invested by class
(12:29) Addressing the "not specified" category in QuickBooks
(12:41) Conclusion and other resources at incomedigs.com
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By Nick BaldoIn this episode, Nick Baldo delves into managing real estate accounting using QuickBooks. He covers adding properties to the balance sheet, recording loan payments, and understanding class display issues. He also discusses the use of journal entries, tracking fixed assets, and handling the "not specified" category in QuickBooks.
https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
https://www.incomedigs.com/reab
1 Subscription, multiple entities: Quickbooks Online: Hhttps://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 to managing real estate accounting in QuickBooks
(2:22) Adding a property to the balance sheet and under fixed assets in QuickBooks
(3:52) Making a loan payment and recording it as an expense
(6:26) Understanding the issue with displaying columns by class in QuickBooks
(8:43) Using journal entry for equivalent transaction
(10:13) Importance of not tagging the class for checking account transactions
(11:13) Tracking fixed assets, first position loan, and equity invested by class
(12:29) Addressing the "not specified" category in QuickBooks
(12:41) Conclusion and other resources at incomedigs.com