Mmrzd Transactions Archives

 

Question from Stacey   (italicized green are Mike’s comments)
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, (and deposited this money) put that in my (Operating Bank Checking Account) account and then paid (took a check) cash at closing. 
Stacey is describing how to pay cash at closing when buying a property when using a private lender who funded this purchase without it showing on a closing statement.
I entered the closing statement as (starting with) a check.
 
Where do I enter the $50000 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.)
Watch this short video – Let me show you how to enter all of this in a few simple steps — it really is brain-dead simple when you use the Post Office Method of Accounting as your foundation
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
ANSWER:  

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Year End Escrow Analysis

your money held by lender
to pay property taxes, insurance, and/or HOA fees

also includes changing your monthly payment if needed

This article or video is for members only!

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Memorized Transactions Feature

First of all, please read the name of this one slowly – It does NOT read “Create”
when you push your Memorized Transactions Speed Button, QB simply displays a list of ALL of your memorized transactions. This could be checks, auto-deposits, house payments on autodraft, general journal entries, transfers, AND what schedule you set them up for – weekly, daily, monthly, annually, bi-weekly
The big thing to remember is you MUST CREATE YOUR TRANSACTION FIRST, Then MEMORIZE IT for it to be displayed on your list of memorized transactions.

STEP 1 – Create Your Transaction – could be a check, auto-pay or deposit, transfers, statement charges (tenant rents), etc.

in this example, we are using a check made payable to worse bank for a house payment

MemorizeCheck

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