I have quickbooks pro and was wondering if anyone else out there is using it to manage thier investment business activities. If so i’d like to see about some assistance in getting my chart of accounts set up to cover this type of business. I know computers pretty well but not an expert with qucikbooks. Any assistance much appreciated. A modified copy of someones chart of accounts woud be super.
Thanks much.
i’ve been using quickbooks for almost 10 years, just not in real estate so I cant tell you which accounts to set up.
Are you doing rentals, flips, etc?
You will probably need to set up some standard income accounts like rent, property sales etc.
You may need to set up expense accounts like interest, closing costs, rehab costs, etc.
You may need to set up long term liabilities for mtg’s, etc.
You can set up as many accounts as you need (there is a limit, I think 10,000) or as little as you want. The more accounts you have, the more detail you have on how/where you spent money.
You can also add accounts later. Its also possible for to change transactions later. Any expense will generate a check/debit and an account will be needed. You can go back and add acoounts, then break the bill down into the different accounts.
If you have an accountant, ask him what kind of accounts you should have
I will primarly be doing rentals and maybe some flips. Just kinda starting out and wanted to get a grip on the books before I get behind too much. How long did it take you to more or less master quickbooks? I mean I under the basic concepts of accounting but would prefer to get it straight to avoid long term headaches.
thanks.
Re:Quickbooks Pro - chart of accounts - NEW
« Reply #1 on: Today at 07:54:38am »
i’ve been using quickbooks for almost 10 years, just not in real estate so I cant tell you which accounts to set up.
Are you doing rentals, flips, etc?
You will probably need to set up some standard income accounts like rent, property sales etc.
You may need to set up expense accounts like interest, closing costs, rehab costs, etc.
You may need to set up long term liabilities for mtg’s, etc.
You can set up as many accounts as you need (there is a limit, I think 10,000) or as little as you want. The more accounts you have, the more detail you have on how/where you spent money.
You can also add accounts later. Its also possible for to change transactions later. Any expense will generate a check/debit and an account will be needed. You can go back and add acoounts, then break the bill down into the different accounts.
If you have an accountant, ask him what kind of accounts you should have