How to Record Mortgage Payments in Quickbooks Online
In this episode, Nick Baldo delves into managing mortgage payments using QuickBooks Online. He explains property-level balance sheets, handling changes in monthly payments, and using banking feeds for transactions. He discusses automation of bookkeeping, avoiding double counting, and accurate loan balance adjustments. Finally, he introduces resources for tracking mortgage payments and invites listeners to the Real Estate Accounting Bootcamp 2.0.
Key Points
- QuickBooks Online can be utilized to accurately account for mortgage payments in real estate investments by categorizing the principal, interest, and tax and insurance escrow components of a payment.
- Establishing a recurring transaction template in QuickBooks and leveraging a virtual assistant or bookkeeper to adjust the details monthly can streamline the process of recording mortgage payments.
- The balance of each property's mortgage can be tracked and maintained accurately in QuickBooks by classifying transactions, utilizing the matching feature with bank feeds, and adjusting for changes in escrow amounts or principal and interest allocations.
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!) End to End Podio Training: https://www.incomedigs.com/pcc Check out our Podio Templates: https://bit.ly/3pE4DBt Download our guide: https://www.incomedigs.com/qbosetupguide
Mortgage Payments can get complicated. We have interest, principal...sometimes even an escrow account. But we need QBO to accurately reflect our mortgage balance. Check out this video where I show you exactly how to add mortgage payments to your books (I even include a game-changing shortcut!)
Chapters
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Transcript
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