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.
quickbooks pro 2001 anyone? - Posted by Maria
Posted by Maria on January 31, 2002 at 01:17:32:
I would be interested to find out how people use this program for their REI accounting. Any suggestions?
Re: quickbooks pro 2001 anyone? - Posted by DavidV
Posted by DavidV on January 31, 2002 at 21:30:03:
I use the basic QB 2001. I list each LLC as a class and the properties within it as a subclass.
quickbooks pro 2000 - Posted by Bud Branstetter
Posted by Bud Branstetter on January 31, 2002 at 16:33:20:
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.
Re: quickbooks pro 2001 anyone? - Posted by Chuck
Posted by Chuck on January 31, 2002 at 11:26:22:
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).