A: Escrow is a trust account held either by the loan company or a third-party to pay for obligations of the borrower such as property tax or insurance premiums. It is important to remember that payments need to be kept separate from payments Continue reading
Q: I buy and sell Mobile Homes. I also hold notes against the homes. How should I set up QuickBooks to accurately show my bottom line?
A: Notes are money owed to you at a later time. The account can be Accounts Receivable.
You would create invoices for the principal Continue reading
Q: I use QuickBooks for property management and I record loan payments in QuickBooks. How do I find a report on how much interest I paid on each property? I need it for tax purposes.
A: When repaying a loan, enter the principal and interest amounts separately. Do not Continue reading
Q: Under which account do I record a real estate property’s value or balance on loan?
A: In QuickBooks, record your real estate purchase with the following accounts:
- Purchase price, settlement charges, loan cost and improvement costs as a Fixed Asset Account
- Loan as a Long Term Liability Account Continue reading