Category: INVESTOR BOOKS

WARNING! Do NOT Upgrade!

Posted on By wizard

WARNING! Do NOT Upgrade!

13 min video

đź’ˇ NOTE
      To VIEW LARGER – CLICK ⛶​ on the lower right corner of the video

Recently I have received many requests from Registered Users –

“Should I Upgrade my QuickBooks?”

After many hours and days, seriously, spent with Intuit and QuickBooks support, tech team and their research and development, I am sad to report and warn you NOT to Upgrade to newest version of QuickBooks PRO Desktop.

Why? In the past year, QB has gone bonkers on their pricing structures and product bundles.
They try to force you buy their online version in the cloud which costs, last time I checked, $80 per month and you can only use 1 company file. Therefore, 2 company files would require you to pay $160 every month.

I only recommend using QuickBooks Pro Desktop version, which is a stand alone software program you install on your PC. In the past, you could purchase or upgrade to a new version and use it forever; but, I recommended to upgrade every 3 or 4 years.

QB has gone bonkers. Earlier this year, they began selling this product with an “annual license” forcing us to buy an upgrade every year. At the time, this was acceptable because it worked out to be about $20 per month and you get to use unlimited company files.

Yesterday, in helping a Registered User, I discovered QB no longer sells QB Pro Desktop Plus 2023 with a 1 user license. It has completely disappeared from their website.

From what I gathered, they are trying to force us to buy QB Pro Essentials, a 5 user license, for $799 for an annual license. THIS IS OUTRAGEOUS and Unacceptable.

If you’re like me, i can get by with a 1 user license.

So what should you do? If you have older versions, go to ebay or somewhere else and try to find and buy QB Pro Desktop 2019 or older. Do NOT buy 2020 or newer versions because you will get wrapped up in their hamster wheel and blackmailing your data until you sign up for auto-payments.

I hope QB finds this and makes some changes to be more user friendly for all of us. Until this happens, I am searching for a reasonable, affordable alternative.

Mike Butler

Troubleshoot

VENDORS – How to Put All Notes on a Page in Chronological Order

Posted on By Mike Butler

QUESTION:

Mike, I keep notes on my tenants and vendors.  Notes the one they can’t see.  I would like to print off all the notes I have for  1 vendor.  How do I do this?

This would be great for tenants also.  Again, this is for the Notes they cannot see.
​
Thanks,
A. -Texas

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HOW TO VIDEOS, INVESTOR BOOKS, Vendors

How to Enter Home Depot Invoice

Posted on By Mike Butler

How to Enter a "Revolving Account" Invoice

This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement

This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement

Examples:
Home Depot account, Lowe's account, Menard's, Paint Store, Local Hardware, etc.

3 minute video

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HOW TO VIDEOS, INVESTOR BOOKS, Invoices

IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts by Mike Grinnan CPA

Posted on By Mike Butler

The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.

Highlights of 2020 Changes

IRA Contribution Limits:

  • The annual limit on contributions to an IRA remains unchanged at $6,000.
  • For individuals age 50 and over, the IRA "catch-up" contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).

The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

  • $19,500
  • Employees age 50 and over who participate in these plans can make a "catch-up" contribution for 2020 of up to $6,500.
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INVESTOR BOOKS, Tax Updates

Escrowed Funds Refund Overpayment on Reserves Held by Lender

Posted on By Mike Butler

QUESTION from Jared:

Hi Mike,

I am absolutely loving the videos and system you have created with Investor Book’s Pro.  I successfully have caught up my 2019 books using the system and am using my “rainy weekends” as you mention in the Quick Start videos to fill in previous years (to determine the cost basis of my properties.. and I’m super analytical and want my numbers to match).  I’m making my way back to 2016 and almost have everything wrapped up.    

For one of my properties I purchased subject to the existing mortgage, the mortgage company escrows taxes and insurance.  I cancelled the seller’s insurance and purchased my own at the time of closing.  A month after I purchased the property, a disbursement went out of the escrow account to my insurance company.  A few days later, the seller’s previous insurance company sent the refunded insurance money to the mortgage company.  The mortgage company added the funds to the escrow balance.

I’m not sure where what account to choose in the Escrow register since it wasn’t originally my funds.  Initially I thought I would put it in the fixed asset for the property but the money doesn’t go to benefit the property but rather it is sitting in the escrow account.  Any advice on how to best enter this?  One other way I thought to do is add the refund to the starting escrow balance and call it good.  The numbers would work and it wouldn’t impact any of my company financials.

Jared

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts

How to Enter Cash Purchase Using a Silent Private Lender

Posted on By Mike Butler
QUESTION from Stacey:
 
Hi Mike,
 
I've watched every video that I have access to, but I am still unclear on how to put in my private loan balances. 
 
For example, I purchased a property last year. I borrowed money from a private lender, account and then paid cash at closing. 
 
I entered the closing statement as a check.
 
Where do I enter the $50,000 loan I'm paying on every month? (I memorized a check I can send every month, but I don't know where to put the balance of the loan.)
 
If I could have help with one of these properties, 
then I am hopeful  I could input the rest of them correctly. 
 
Please advise! Thanks!
 
Stacey
 
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HOW TO VIDEOS, INVESTOR BOOKS, Borrow Money, Closing Statements, Memorized Transactions, Buying

1031 Tax Deferred Exchanges

Posted on By Mike Butler

How to enter properly is in your Investor Books Manual on Pages 173 thru 186

Page 173

Used by Investors to avoid paying Capital Gains Tax Now, you can defer it.
There are many variations involving 1031s including partials.
For KISS method purposes, example used will be simple and traditional.
• Investor has a house used for a rental for 10 years
• Investor purchased house 10 years ago for 50k
• Ballpark depreciation is 51,500 per year, reducing cost to 35k
• Investor can sell rental house for 140k resulting in 105k capital gain
• At 30% tax rate, could mean over 33k in Tax owed.
• Using the 1031 procedure PROPERLY, you could keep the 33k and roll it over into another like kind investment (1 or more rental houses)

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INVESTOR BOOKS, 1031 Tax Deferred Exchange