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Tracking Rehab Expenses in Quickbooks Online - Part 2
In this episode, Nick Baldo dives deep into real estate transactions, specifically focusing on filtering them by property. He explains how to capitalize expenses, including the intricacies of journal entries and balance sheets. Nick also consults with a CPA on these matters, reviews an updated balance sheet, and discusses how books align with taxes. The episode concludes with a look at the year's profit and loss statement and an introduction to accounting codes.
Tracking Rehab Expenses in Quickbooks Online: https://www.youtube.com/playlist?list=PL89qBCL2vU2uG03qnF_SPUw_NX7ZtauNQ
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
Following up on the initial video, I show you how to make year-end journal entries to get your balance sheet right!. Use the Product/ Services function within QBO to organize your rehab business
(0:00) Introduction and recap of previous episode
(1:26) Filtering transactions by property in detail
(2:25) Capitalizing expenses: journal entries and balance sheets
(6:27) Practical demonstration: moving capital to balance sheet
(7:22) Consultation with a CPA on capitalizing expenses
(9:38) Examining the updated balance sheet post-journal entries
(10:06) Understanding how books match with taxes
(11:03) Final review: Profit and loss statement for the year
(11:50) Introduction to accounting codes and obtaining them
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By Nick BaldoIn this episode, Nick Baldo dives deep into real estate transactions, specifically focusing on filtering them by property. He explains how to capitalize expenses, including the intricacies of journal entries and balance sheets. Nick also consults with a CPA on these matters, reviews an updated balance sheet, and discusses how books align with taxes. The episode concludes with a look at the year's profit and loss statement and an introduction to accounting codes.
Tracking Rehab Expenses in Quickbooks Online: https://www.youtube.com/playlist?list=PL89qBCL2vU2uG03qnF_SPUw_NX7ZtauNQ
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
Following up on the initial video, I show you how to make year-end journal entries to get your balance sheet right!. Use the Product/ Services function within QBO to organize your rehab business
(0:00) Introduction and recap of previous episode
(1:26) Filtering transactions by property in detail
(2:25) Capitalizing expenses: journal entries and balance sheets
(6:27) Practical demonstration: moving capital to balance sheet
(7:22) Consultation with a CPA on capitalizing expenses
(9:38) Examining the updated balance sheet post-journal entries
(10:06) Understanding how books match with taxes
(11:03) Final review: Profit and loss statement for the year
(11:50) Introduction to accounting codes and obtaining them