Posted by Ron (MD) on January 31, 2002 at 18:12:04:
I feel better.
I’ve always accounted for my rehabs (about 15 per year) using customer:job and thought it worked fine. However, everybody else (including George Yeiter) seems to use classes. QuickBooks has canned reports showing P&L, inventory, etc. by customer:job (i.e., property).
I haven’t looked at it lately, but I assume that if I wanted to group results (e.g., location, single- vs. multi-family), I could use customer:job for each property and class for each category.
Anyway, it was never clear to me why no one else was doing it my way…I feel better now.
I suspect 2001 is not a lot different than the 2000 version I use. Not sure what you mean by “how”.
I will disagree with using classes for the different aspects. I talked with Yeider and in depth with an agent that took his training. If you are a big time investor that does 4 or 5 a month then classes have an advantage to group expenditures. If you are doing a few deals it is easier and clearer to assign a Customer/Job to each deal. Your customer could be rental and job be each street address. I group jobs by city or type. I then can assign a job to each income or expenditure Item.
2 Suggestions: 1st Go to Help\By Industry. Some good ideas there. 2nd set up each property as a Class. Then assign all revenue and expenses to that Class. For general costs that aren’t associated with a particular property, I don’t assign a Class. I can then run a P&L by Class to identify each properties performance, while also identifying my “overhead” costs (no Class associated).