Super Simple Guide to Importing Renovation Cost Codes to Quickbooks Online
In this episode, Nick Baldo delves into the use and importance of cost codes for real estate investors and bookkeepers. He provides a guide on importing cost codes into QuickBooks online, tracking expenses, and the analytics possibilities they open up. He also highlights the significance of the Builder Books Academy course.
Key Points
- Cost codes are essential for detailed tracking of expenses in construction businesses, allowing for comparison between estimated costs and actual expenses.
- QuickBooks Online can be utilized to import and manage cost codes, which should be assigned to expense categories like materials, labor, and subcontractors instead of individual accounts to maintain a streamlined profit and loss statement.
- Using cost codes in conjunction with tools like QuickBooks Online and Builder Trend provides valuable analytics and insights, helping businesses to track spending against budgets and make informed financial decisions.
Save a ton of time by importing your Cost Codes into Quickbooks Online. If you are in the building industry (flipping, renovating, building), you need to track expenses by Cost Codes. Check out my super easy demo on how to get these codes into QBO QUICK! Download here: https://tinyurl.com/productserviceimport
Enroll to Real Estate Accounting Bootcamp: http://bit.ly/reabcourse (Enter Code YOUTUBE50 for $50 off!) Join the Waitlist for Builder Books Academy: https://www.incomedigs.com/bba-wait-list Enroll to Super VA: https://www.incomedigs.com/sva
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Transcript
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