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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
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By Nick BaldoIn 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