Author: wizard

QuickBooks for Real Estate – Can You Write Off Tenant Balances Owed as a Loss?

Posted on By wizard

QUESTION:

Mike,

…first, thanks for the article on how to handle tenants who include you in their bankruptcy…

We manage and operate a commercial mixed use property with about 50 tenants.  Cash accounting is the method used.   When a tenant vacates prior to the expiration of the lease owing rent and costs for tenant damages, can we write off the loss for tax accounting purposes?

Thanks,
Simone

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TENANT TRACKING, Collections

How To Use Repairs and Capitalized Expenses in QuickBooks Pro

Posted on By wizard

QUESTION:

Hello Mike,

I understand your reply of repair versus capital expense so my question must not have been clear…

When I buy a house to resell that will need some repairs, these repairs are a capital expense as the property is not in “service”.

To properly see my cashflow in Investor Books PRO when I do a report, I put these fixup costs as an expense (initially).   I do this under “repairs and maintenance”

The fixups will eventually be transfered and recharacterized as a capital expense at a later date thus in the meantime allowing my cashflow report to provide useful information for me as an investor.

My question is when do I transfer this to the asset?

Thank you Mike,

Hope that is more clearer-er

Steve

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HOW TO VIDEOS, INVESTOR BOOKS, Capitalized, Repairs, Year End

How Do I Get My QuickBooks Files Back When My Computer Crashes?

Posted on By wizard

QUESTION from Richard:


Hi Mike,

Happy New Year.  I hope you are doing better than I am at this time.  My wife’s computer crashed.  We received a new hard drive from Dell.  Now we must install all our programs and retrieve our backup data.  We thought it would be easy as we have our data backed up to an external drive and offsite with Carbonite but getting the programs reinstalled and set up properly is another matter.

Our IT support person will be installing our software tomorrow morning and we really need to get back in business at that time.  We really rely on Investor Books and Tenant Tracking and cannot afford to be without them any longer.

I have two CDs and hope they will get us back in business.  The jacket for the Investor Books CD says we need a key code and I am assuming that we probably need one for Tenant Tracking but we do not  have the original jacket. The only numbers I could locate are in the center of the CDs.  They are as follows:

                Investor Books     XXX     copyright date 2004
                Tenant Tracking   XXX     copyright date 2003

Are these the key codes?  If not what can I do?  Is someone available by phone or email for help if we run into install problems?  Is there any information you can give me that will help in the reinstall?

I know it is New Years eve and day but until this happened I did not realize how much we rely on your programs or how we survived before having them.

Thanks for your help,
Richard W.

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REGISTERED USERS ONLY, STEP 4 - Setting Auto BackUps, HOW TO VIDEOS

How To Use The Cash From Me Account

Posted on By wizard

How To Use The Cash From Me Account

Techniques To Properly Capture Every Red Cent of Your Out of Pocket Expenses in your Real Estate Business, including your own personal money you loan to your real estate business. Everything from buying a faucet at Home Depot to buying stamps.

QuickBooks Pro for Real Estate

8 min video

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REGISTERED USERS ONLY, HOW TO VIDEOS