Q: My client has a portfolio of rental properties for which he cannot claim expenses on furniture. How do I enter furniture purchases paid from a business account which cannot be offset against income but need to be accounted for? He has informed me that he has an allowance of 10% Wear Continue reading
Q: How would I set up QuickBooks to record purchase and sale of real estate delinquent property tax certificates?
A: What details you want to track? Do you track the certificate number, amount and other details? When you enter the HUD1 or the settlement sheet – you should always include the amount Continue reading
Q: Thanks Gita. I am not sure what the difference between Intuit Enterprise and regular QuickBooks Pro is. We are trying to keep our cost low. Do we really need an Enterprise version and how much are they. I like the idea of QuickBooks Online so I can work wherever I am. Continue reading
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: I am looking for an accounting solution for our Real Estate business. We manage over 100 bank-owned properties for multiple Vendors. We need to track and bill expenses by property. We also need to handle Independent Sales People on a 1099 basis with deductible expenses. We need payroll Continue reading
Q: H
i Gita – My brothers and I recently inherited two rental properties, 1 seasonal rental, and 4 undeveloped properties. I’ve never used any kind of accounting software before. I just purchased QuickBooks Pro. I’ve not installed it yet and was wondering if I should use this version for Continue reading
Setting up your Chart of Accounts correctly varies by industry. Although the businesses are similar, the lists of accounts for real estate development, construction, and fix and flip property have different accounting and reporting needs. The same can be said for real estate agents and brokers, as well as REIT Continue reading