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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
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By Nick BaldoIn 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