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

QuickBooks for Real Estate – Wholesale Deal

Posted on By Mike Butler

QUESTION from Kyle:

Hi Mike,

Love IBP!! (Investor Books Pro System)

I’ve been doing some co-wholesaleing deals where as I receive a 30% check of our NET wholesale fee.

How would you prefer to enter that into IBP beings that I don’t have any closing statements or anything?

Which label/class would you put on it so it records it as profit correctly?

Thank you sir.

Regards,

Kyle Weimer

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INVESTOR BOOKS, Buying, Selling

QuickBooks Question about Closing Statement when Buying

Posted on By Mike Butler
QUESTION from Kyle:
(italicized green are Mike’s comments)

Mike, I get where the loan comes from and how to enter the asset and all that. I did all that fine. I was curious how to get my loan money into quick books and zeroed back out at the end again.

Do I deposit the money from my hard money lender into my checking account then write a check for the purchase out of there?

That’s what I did.

Then how do I zero out the loan on my closing statement when I’m done.

I can’t get it to zero out under the loan on my chart of accounts.

Do I do it as COG and that’s it? I did that but couldn’t figure out how to get the loan to zero out under my loan in the chart of accounts. I get the whole post office thing big guy.

Regards,
Kyle W.

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INVESTOR BOOKS, Borrow Money

QuickBooks for Real Estate Question about S-Corp Borrowing Money

Posted on By Mike Butler 2 Comments on QuickBooks for Real Estate Question about S-Corp Borrowing Money

QUESTION from Kyle:

My S-Corp is debt capitalized with a 50K loan. I’ve spent some on business expenses etc. My s corp now owes the loan money. Also, in my loan agreement, I pay the loan 25% of my NET profits from each rehab I sell. I big percentage, but it’s a family loan. Gotta help the fam!!

What would be your best method to set this up in Investor Books to keep track of  the loan and money I spend against it and therefore owe it. And also to keep track and divvy up my net profits after selling each rehab? A video or written reply would be greatly appreciated.

Thank You Mike

Kyle

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INVESTOR BOOKS, Borrow Money