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How to Enter the Sale of Your Property – QuickBooks for Real Estate Training Video

Posted on August 20, 2012June 11, 2024 By Mike Butler 2 Comments on How to Enter the Sale of Your Property – QuickBooks for Real Estate Training Video

This Short Video shows real estate investors how to enter the Sale of one of your properties, including a wholesale deal.

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HOW TO VIDEOS, INVESTOR BOOKS, Selling Tags:entering a sale, entering sold property, quickbooks for real estate, selling, selling house, wholesale, wholesaling

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Comments (2) on “How to Enter the Sale of Your Property – QuickBooks for Real Estate Training Video”

  1. wizard says:
    March 14, 2015 at 5:34 pm

    Great Question Cheng!

    Years ago, your question was my question. After graduating from the school of hard knocks, I figured out how to make your question a non-issue.
    For starters, when re-financing a property or selling a property with an existing loan in place, 99% of the time, the pay-off listed on your HUD 1 settlement to the lender includes both interest and principal. Their number usually does not match your balance in your Investor Books. WHY? Because mortgage interest is paid in the rears instead of in advance.

    So the long and short of it is you want to be able to capture all mortgage interest expense. To achieve this, simply enter your “PayOff” when entering your HUD 1 settlement into Investor Books, and then after completing this split transaction,
    STEP 2: go to your liability account for this specific loan
    STEP 3: Open the register for this loan
    STEP 4: enter the entire balance in the “decrease” field and use the principal paid sub-account of interest expense.

    This makes your P&L report accurate because you did in fact pay off that loan.

    Perhaps, another way to chew on this – imagine yourself as the LENDER, then it will all make sense.

    Thanks again Cheng

    Mike Butler

  2. Chengjian Che says:
    March 13, 2015 at 5:07 pm

    Hi Mike – I don’t understand why you put pay-off mortgage as interest expense. If it’s registered as interest expense, won’t it be deducted in P&L report where COGS also is deducted which contained the property purchase price/mortgage. It seems the mortgage is deducted twice in P&L report. I think when you enter sale HUD-1, you can remove 89k from long-term liability directly. Am I missing something?

    Thanks,
    Cheng

Comments are closed.

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