QB Online for RE Investors - Purchase Property with Cash 

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​@@richardbudniewski6294 Hi! We just did a check…seems to be working. Can you try this direct link: www.incomedigs.com/offers/BnLWnQsj?coupon_code=RU-vid50 or this one for the Multi-Pay option: www.incomedigs.com/offers/wVxaYGeR?coupon_code=RU-vid50

@@richardbudniewski6294 Hi! The coupon has also been made available for the Multi-Pay option: www.incomedigs.com/offers/wVxaYGeR?coupon_code=RU-vid50 OR single Pay: www.incomedigs.com/offers/BnLWnQsj?coupon_code=RU-vid50

@Incomedigs all good, I bought last night anyways. Just wanted you to be aware in case others are trying.

Yes! Check out this video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-u8ml1QxvOF0.html

Yes! I think you should keep any expenses specific to a property to COGS! We go through this in great detail and thoroughness in our end to end course: Real Estate Accounting Bootcamp bit.ly/3xaBohM ($50 off w/ code RU-vid50)

Hi! thanks for watching! For flips, I would put everything together...whether on the P&L or balance sheet...no need to separate land/ building. We have a flip deep dive where we go into this in great detail: Real Estate Accounting Bootcamp bit.ly/3xaBohM ($50 off w/ code RU-vid50)

Hi.. .thanks for watching...and great questions. For starters, we cover situations like these in great detail in our end to end course, Real Estate Accounting Bootcamp: bit.ly/3xaBohM 1. I would enter all project-related purchases to a couple "personal bank credit cards". For example: "Personal - MMA" and "Personal CC". This will allow you to quickly add the transactions. With every transaction, you will increase the balance of these "credit cards". Then, if/ when you move money out of the business back to your MMA/ to you personally (after you sell), you can offset these amounts to bring them back to 0...the net would be "owner's equity" 2. I typically put my flips on the P&L to start...that means COGS. You could then potentially transfer the to the balance sheet. In this case it would be "Other Assets - Flips in Progress"

Hi! Thanks for watching! You would include the "Payee" in the name column of the journal entry. Unfortunately you would not be able to include the check # (You could include in description...but not as a standalone field).

Hey! Thanks for watching! Absolutely not...i agree! Way too much work. Instead, pick a point in time to establish "Opening Balances". We go through this in great detail in our end to end course: Real Estate Accounting Bootcamp. Definitely check it out! www.incomedigs.com/reab (CODE RU-vid50 for $50 off)

Video is wrong. Buyer is paying seller 1775.45 for seller's prepaid taxes (likely for 6 months). Correct way is for buyer to debit Prepaid taxes (asset account) 1775.45, credit cash 1775.45. In 6 months when tax bill is due debit tax expense 1775.45, credit prepaid taxes 1775.45. OR debit tax expense 1775.45, credit cash 1775.45 and Prepaid tax stays on balance sheet as an asset (like a deposit made to an escrow account) until house is sold .

@@terrysteven3528 Thanks Terry....the above is accurate assuming the tax is not yet due. In my video..the tax was indeed due...and therefore the expense was debited. Depending on the situation...you would either hold the tax bill on your balance sheet...or record the expense. Thank you!

Yes! depends on whether the tax bill is actually due now at the time of closing...or due later. In this example, the tax bill was due. The property taxes were actually paid at the time of closing. This may or may not be the case for every closing. Terry's answer below is correct for a tax bill that is due in the future.

Hi! Thanks for watching. You would Credit a "Partner Investment" Equity account. You can do this before/ during the closing. If before, simply record a ddeposit into your bank account and categorize as "Partner Investment". If it happens at closing (The investor brings cash to closing)...you would credit the Partner investment account.

thank you @@Incomedigs

Hi! Tags will not work...the main reason is that they are not available on journal entries and other transaction types. An alternative to Classes would be Customers.

@@Incomedigs Got it thanks!

HI! @@Incomedigs I'm using QBo essentials. I only use customers when i enter bank deposits for 2 separate properties.. But how about in expense? do i need to set up expenses for each property?

@@maryrosspido6919 QBO will not let you add a customer to an "expense" transaction w/ QBO essentials. To do this you would need to have QBO Pro or beyond. You could use a journal entry for each transaction...but that gets rather tedious.

Are there videos for Quickbooks Desktop Pro?