I am a fairly new investor will a shoebox of receipts that I need to turn into financial statements for taxes. I purchased Quickbooks and I need to set it up to enter all my expenses and revenue. I bought 2 properties last year. One I fixed up and rented out. The other I have spent 6 months fixing up and will put it on the market this month.
Does anyone know what Chart of Accounts I should use? Will I enter my properties as fixed assets? Any help would be appreciated.
I’m far for a QB expert, but we’re using QB Pro 2009 for our business. Each of our properties is broken down into a separate class. I can break down income and different expenses per property.
Initially I tried to set up this system on the free version of QB. I think it might work ok for one property, but I found I needed to buy the pro version to work for our business.
Yeah, I have Quickbooks Pro, but I am not sure the standard chart of accounts for real estate is appropriate for a rehabber. I was hoping someone who had a good real estate CPA set up their chart of accounts could give me their list.
Have you looked at John Hyre’s KISS Guide to Bookkeeping? Its pretty cheap for a course and it comes with a chart of accounts on disk for QB. I’m not a QB expert by any means. I bought it because I got the how to guide plus the chart of accounts for $299. To pay an accountant to do that and teach me would have cost a lot more than that.
jezuz. I’ll send you a chart of accounts.