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Real Estate Accounting - Purchase Property (Part 2)
In this episode, Nick Baldo revisits the last episode's balance sheet, discusses a scenario involving a deposit to a seller, and explains the process of writing a check to a seller's agent. He creates an asset account for the deposit and reviews the balance sheet post-deposit. The episode also covers the revision of a closing statement, accounting for an escrow account, and dealing with zeroing out. It concludes with a preview of the next episode.
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!)
Super Power your Virtual Assistant: https://www.incomedigs.com/sva-waitlist
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
Learn how to record a journal entry for the purchase of property! This video expands on Part 1 (https://www.youtube.com/watch?v=OQsHvoIeG5U&t=0s ) as we show you how to deal with a deposit held in escrow and credited at closing.
(0:00) Introduction and Overview of Last Episode's Balance Sheet by Nick Baldo
(1:10) Scenario Explanation: Giving a Deposit to the Seller
(2:06) Process of Writing a Check to Seller's Agent
(3:18) Creation and Description of Asset Account for Deposit
(4:34) Balance Sheet Review Post-Deposit
(5:14) Revision and Editing of Closing Statement
(6:27) Accounting for, and Transfer of, Escrow Account
(7:54) Zeroing Out and Dealing with Escrow Account
(8:37) Conclusion and Preview of Next Video
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By Nick BaldoIn this episode, Nick Baldo revisits the last episode's balance sheet, discusses a scenario involving a deposit to a seller, and explains the process of writing a check to a seller's agent. He creates an asset account for the deposit and reviews the balance sheet post-deposit. The episode also covers the revision of a closing statement, accounting for an escrow account, and dealing with zeroing out. It concludes with a preview of the next episode.
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!)
Super Power your Virtual Assistant: https://www.incomedigs.com/sva-waitlist
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
Learn how to record a journal entry for the purchase of property! This video expands on Part 1 (https://www.youtube.com/watch?v=OQsHvoIeG5U&t=0s ) as we show you how to deal with a deposit held in escrow and credited at closing.
(0:00) Introduction and Overview of Last Episode's Balance Sheet by Nick Baldo
(1:10) Scenario Explanation: Giving a Deposit to the Seller
(2:06) Process of Writing a Check to Seller's Agent
(3:18) Creation and Description of Asset Account for Deposit
(4:34) Balance Sheet Review Post-Deposit
(5:14) Revision and Editing of Closing Statement
(6:27) Accounting for, and Transfer of, Escrow Account
(7:54) Zeroing Out and Dealing with Escrow Account
(8:37) Conclusion and Preview of Next Video