I am doing all of those things you mentioned. I run everything through one checking account and credit card, keep reciepts for everything and write which house the expenses were for on the reciept. I also write on the deposit slip reciepts what house each deposit was from and how much. What a pile!! I guess I have the records of info I need which sounds like the most important part, but putting them together in a format that will give me picture of my business and each property - that is where I want to be.
Looking forward to your information and thanks for the repy & encouragement!
I am sick of running my business like a 13 year old trying to figure out where he spent his allowance. I have no bookeeping system and know that if I’m going to make a REAL business out of this, I need to run it like one. Which means I need an accounting and budgeting system.
Please someone help! I have a personal budget and we run it fine. Allocations, what is coming in, going out, where it goes, under/over budget, all planned out and runs like a top. Why am I having so much trouble doing the same for my business? I don’t know where to start to make a budget!
Do I use a chart of accounts to make my business budget from so I can figure out my overhead and go from there? I have quickbooks and am learning to use it. I just feel lost in this area and could use some guidance to sources where I can learn Cashflow Management and how to begin improving my education on how to RUN a BUSINESS, not be some small time chump who does pretty good on real estate deals.
Sorry for the tone but I’m frustrated and need some guidance, and don’t want to keep going down the dumb road.
Posted by JHyre in Ohio on July 19, 2002 at 08:40:06:
The bad news: There is no quick “postable” answer to your problem. I have heard your problem from many investors and most clients.
The good news: I will be publishing a how-to course in late September/early October for non-accountants to keep RE books in Quickbooks, charts of accounts included.
Some hints to tide you over: I use credit cards or checks for everything- that way my expenses are recorded and verifiable. Make SURE and record the property to which each expenditure relates…use the memo section on the checks, and a notebook ordered by date for credit card transactions…avoid using cash when possible, such transactions are inevitably forgotten. Photocopy, or better yet, scan every check or money order received, and keep a list of all moneys received and from what source. If you keep that information consistently and in an organized format, entering it into Quickbooks should be easy, with the proper guidance. Help is on the way!