Category: YEAR END STUFF TO DO

QuickBooks Questions about Previous Transactions

Posted on By wizard

QUESTION from Michael J.

I just got your program in December.

I have 15 units.
- 2 single dwellings,
- 2 duplexes,
- 1 4plex,
- Victorian with 5 units.

I currently use Excel documents to keep track of stuff. tax season is not fun for me or my CPA.

I agree, this will make your tax time a breeze.. the hardest part is your transition and getting all set up properly

Would it make sense for me to input this year's stuff from January to December.

Realistically how long would it take me to do that?

Would it make year-end enough easier for me and my CPA?

What would you do?

Congratulations Michael

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REGISTERED USERS ONLY, STEP 7 - Entering Old Transactions, YEAR END STUFF TO DO

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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