Posted by HR on November 04, 1998 at 16:43:25:
RE accounting system suggestions - Posted by HR
Posted by HR on November 01, 1998 at 09:34:08:
I’m beginning to set up my accounting system for my re transactions, and I’m lookin’ for any helpful info you’ve got.
I’ve created a file system based on the 1040 and its schedules. Everytime I get a receipt I’ll place it in the appropriate file. I have separate checking and savings accounts set up for each LLC, and each receipt is not just filed correctly, but tracked on Quicken 98 Home and Business in its own account. This way, I can track monthly P&L for each LLC and for the businesses as a whole. I plan on then using TurboTax Home and Business to calculate my taxes and evaluate my business operations.
I have an CPA that returns my calls, is friendly, and does know something about re accounting. She does not own property or specialize in re accounting, but I would think she would be ok for me at this point, wouldn’t you? I don’t have a huge or complex re operation at this point. What I really need is a person to call when I have a question or confusion so I can get it answered. She also only charges $65 an hour; that’s really not the biggest draw, though. She is friendly, returns my calls, is available, and helps me out (at a reasonable price). Am I making a mistage at this point by not hunting down the most knowledgable, aggressive re cpa in my area?
Any good books or materials I should get my hands on?
Any advice is greatly appreciated! Thank you.
CPA/REInvestor - Posted by Jason-DTX
Posted by Jason-DTX on November 01, 1998 at 14:31:57:
I think you would be better off with CPA who actually is involved in real estate investments or at least one who has major RE investors as clients. That way, they are up to date and know whats best for YOUR RE investments. Even if your just getting started, the right CPA is a good idea. They will save you more than the cost. My CPA specializes in Real Estate and only charges $60 an hour. Get referals from your local REI club.