Quickbooks for Real Estate - Classes vs. Locations
In this episode, Nick Baldo delves into the use of QuickBooks Online for real estate. He discusses location tracking, recording property purchases, and class tracking for multiple properties. Further, he explores the application of location tracking for business entities, analyzes balance sheets, and handles property purchases for different businesses. Finally, he provides an overview of multiple entities within QuickBooks Online subscription feature.
Key Points
- Nick Baldo advises using the Class feature in QuickBooks Online to track property-specific data due to its flexibility in assigning categories at the line item level, which is not possible with the Location feature.
- Location tracking in QuickBooks Online should be used for entity-specific information, allowing multiple business entities to be included in a single QuickBooks subscription, which streamlines setup and reporting.
- Real estate investors and bookkeepers can benefit from the advanced technique of combining multiple entities within one QuickBooks Online subscription, as it offers cost savings on subscriptions and streamlined financial management across entities.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ https://www.incomedigs.com/reab 1 Subscription, multiple entities: https://www.youtube.com/watch?v=u8ml1QxvOF0&t=1s Free QBO MiniCamp: https://bit.ly/3uNlesQ
You should not be using Locations to track property-specific transactions! Instead, use Classes or Customers. I show you why in this video!
Chapters
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| 13:57 |
Transcript
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