Category: HOW TO VIDEOS

QuickBooks Real Estate – How To Enter Old Transactions

Posted on By wizard

A Very Frequently Asked Question

“Mike, I got everything up and running using the Fast Start Guide, but how do I get my older transactions into Investor Books?  I want to at least go back and enter everything since January 1st of this year.”

This 10 min video shows you how to do it using the phantom bank account.

Remember to use the pause and rewind button if needed. You can make it full screen too.

11 min video

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REGISTERED USERS ONLY, STEP 7 - Entering Old Transactions, HOW TO VIDEOS

QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

Posted on By Mike Butler 1 Comment on QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement

QUESTION from Kyle:

Hi Mike,

Love the software still and have a unique question.
 
I just purchased 3 properties from the same seller and we did it all on one HUD. I know I need to enter the HUD exactly as I received it, but the question is I need to separate the properties because we are going to be selling them separately and splitting the profit on each one.
 
Should I just enter the HUD as it is, then make separate accounts for each properties so they show up separately for when we sell them and have to enter a selling HUD?
 
Obviously the HUD we used to purchase the 3 properties will have a big balance on it even after we sell 1 property. It seems it may be tricky to balance this all out.
 
Hope I confused you with this. Thanks.
 
Kind Regards,
Kyle J. Weimer
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HOW TO VIDEOS, INVESTOR BOOKS, Buying

SPEED BUTTONS – Quick Fix for QuickBooks Pro To Move Icons to Toolbar on Top

Posted on By wizard

Attention QuickBooks Pro Users!

The latest versions of QB Pro has a boatload of new features, shortcuts, and time savers; however, they have a new default forcing your Speed Buttons to the left sidebar.

This short video shows you how to get your Speed Buttons to display across the top again

 34 second video shows you how

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REGISTERED USERS ONLY, STEP 8 - Speed Buttons, HOW TO VIDEOS

QuickBooks Real Estate Video – How To Create Balance Sheets for Entities

Posted on By Mike Butler

8 minute On Demand Video shows you how to create Balance Sheets for multiple entities

QUESTION from Darren:

Thanks Mike!

I have a couple of follow up questions. For the LLC, single or multiple, are we suppose to classify every item regardless whether it is a income statement item or a balance sheet item?

Also, can I run a balance sheet just for LLC #1 that will not show LLC #2 balance sheet items? This is where my issue comes in, as my balance sheet is not in balance when I run a report just for LLC #1.

Darren
Joe’s partner

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HOW TO VIDEOS, INVESTOR BOOKS, Multiple Entities

QuickBooks for Real Estate – Multiple Entities How To Q&A

Posted on By wizard 3 Comments on QuickBooks for Real Estate – Multiple Entities How To Q&A

QUESTION from Joe:

Hi Guys. In need of some investor books help. here are my questions:

1) In need a video/instructions for creating intercompany transactions.
For example, we have multiple LLC and each LLC has its own tax return.

If all owner capital contributions are deposited into LLC1, then are transferred through bank transactions to LLC2 or LLC3, how do I set up my chart of accounts for that transfer?

2) At year end, how do I clear out the Income Statement for all the entities to Retained earnings?
Remember the Income Statement is organized by class (not separate accounts for each property), so how does that end of year Income Statement get put in the proper retained earnings accounts?

Thank you,
Joe

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REGISTERED USERS ONLY, STEP 6 - Multiple Entities Partnership, HOW TO VIDEOS