Real Estate Accounting - Quickbooks Setup
In this episode, Nick Baldo explores the use of QuickBooks online for real estate investing and business growth. He discusses challenges in real estate accounting and solutions, mastering journal entries, and the role of cost codes. Also, learn about adding and mapping products/services and a revisit of the fundamentals of scalable QuickBooks setup.
Key Points
- Implementing a two-dimensional chart of accounts is essential for scalable and sustainable real estate bookkeeping in QuickBooks Online.
- Mastering journal entries is crucial as they are fundamental to every transaction in QuickBooks Online and can handle complex financial situations.
- Leveraging products and services in QuickBooks Online adds an additional dimension to reporting, providing detailed cost tracking without cluttering the chart of accounts.
Real Estate Accounting: https://www.youtube.com/playlist?list=PL89qBCL2vU2sab5dEzpwJTZi0zTLjCDXJ
End-to-End Accounting Course: https://www.incomedigs.com/reab (Enter Code YOUTUBE50 for $50 off!)
Free QBO MiniCamp: https://bit.ly/3uNlesQ
Free Download: https://www.incomedigs.com/chart-of-accounts
2-Dimensional Chart of Accounts: https://www.youtube.com/watch?v=rPVScDr3f9s
Purchasing Real Property - Part 1: https://www.youtube.com/watch?v=mA5CJH8tRbE
Purchasing Real Property - Part 2: https://www.youtube.com/watch?v=8C1LQciF77Q
Products/Services: https://www.youtube.com/watch?v=6MF-7BNdVkk
Official Website: http://www.incomedigs.com
Quickbooks Online is perfect for RE Investing if setup correctly. Check out these three foundational tips for getting QBO setup correctly.
Chapters
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Transcript
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