Quickbooks for rehabbers/wholesalers???? - Posted by Ray(OH)

Posted by shawn crawford on September 01, 1999 at 13:08:08:

www.costbook.com

Quickbooks for rehabbers/wholesalers??? - Posted by Ray(OH)

Posted by Ray(OH) on August 31, 1999 at 23:16:06:

Hi All,
does anybody use Quickbooks for their rehab/wholesale properties???
I just started to try and figure out how to customize Quickbooks for our operations.
I know nothing of accounting/bookeeping
Can anybody help???

Jeez, I HATE Quickbooks - Posted by The Baze

Posted by The Baze on September 02, 1999 at 20:04:40:

But probably not for the reason you may think. Quickbooks is a terrific program if it’s used for what it’s intended for, to help small business owners get a feel for who they owe, who owes them, and how they’re doing financially. The problem is, many people get and think they’re instant accountants, and they go setting things up totally incorrectly. I’m working on a tax return this week of a business owner who has his stuff set up in Quickbooks. I’ve spent the better part of the week fixing the damage he’s done, just so I can start the return. Car payments classified as expenses w/out separating interest (an expense) from the debt reduction (not). Mortgage payments expensed as rent, and so on. So, if you’re unfamiliar with basic accouting principals, please let someone who does know accounting help you set up your chart of accounts, and show you how the entries need to be made. OK, I’ve vented enough.

Tom Bazley

Re: Quickbooks for rehabbers/wholesalers??? - Posted by Antoinette -NJ

Posted by Antoinette -NJ on September 01, 1999 at 20:43:42:

Ray,
Did you know that Quickbooks.com has a forum set up for users where you can find specific information pertaining to property manangment? Go to Quickbooks.com/user/forums/qb_forums.html, tab down to “Go to Quickbooks Forums” then tab down again to “Quickbooks & Your Industry” there you will find a lot of info geared to property management. I use Quickbooks also. I set up my properties by classes and the units (apartments) as subclasses, Tenants as customers.

Re: Quickbooks for rehabbers/wholesalers??? - Posted by Dr. Faustus

Posted by Dr. Faustus on September 01, 1999 at 19:03:01:

What’s a quickbook?

Thanks Gang!!! - Posted by Ray(OH)

Posted by Ray(OH) on September 01, 1999 at 15:02:44:

You Folks are GREAT!!!
I’m sure I’ll be asking again after I get my feet wet and hit a few brick walls. Actually, I’ll wait until I hit the same wall a few times before I hit Y’all up again. Let’s see, it’s uh…4:00pm now uh…yea, better give me 'til 5 or 6:)
For Real, Thanks A Lot!

Re: Quickbooks for rehabbers/wholesalers??? - Posted by JPiper

Posted by JPiper on September 01, 1999 at 10:57:15:

I use Quickbooks as well. As Mr. Bronchick mentioned below…I set up a class for each property. You can find some useful information to get you started by looking at the industry suggestions in the help section. Look under the “property management” section. You can modify this to give you what you want.

By the way…rehab costs are not considered “expenses”, but rather are considered improvements…and therefore properly should be handled as adjustments to your cost basis.

JPiper

Re: Quickbooks for rehabbers/wholesalers??? - Posted by Bronchick

Posted by Bronchick on September 01, 1999 at 10:04:56:

I use Quickbooks for all of my businesses. For rehabs, I make a Class for each property, then all expenses run under that class under different expenses categories (QB calls them “Accounts”, which is a Category in quicken).

National Construction Estimator - Posted by Shawn Crawford

Posted by Shawn Crawford on September 01, 1999 at 06:26:28:

Ray,

There is a construction estimating program that cost around 50.00(National Construction Estimator) and comes with both a cd rom and book of construction costs. It also comes with program that intergrates it with quickbooks. Simple format.

Shawn

Re: Jeez, I HATE Quickbooks - Posted by Ray(OH)

Posted by Ray(OH) on September 04, 1999 at 10:46:40:

Hi Tom,
You are so right, our accountant has told us to familiarize ourselves w/QBooks, set up accounts we think we need. Then go to him and he will check our set-up, fix and explain any errors,(which I’m sure will be many)then he will get us on the right track so we can maintain the accounts. Basically he wants us to do as much on our own as we can to learn the system so we’ll be able to take care of it with little help from him.
I whole heartedly agree, consult your accountant to make sure you are set-up correctly.
Thanks for the input Tom

Re: National Construction Estimator - Posted by Antoinette -NJ

Posted by Antoinette -NJ on September 01, 1999 at 10:01:34:

Shawn, where do you find the National Construction Estimator software program? Do you have a phone number for the company or a web address?

The accounts section in the dashboard gives many useful features. I learnt its applications from https://www.wdaccountingservices.ca/