Archive for 'closing statements'

QuickBooks For Real Estate Question on HUD 1 Closing Statement

Question from Stephen:   (mike’s reply in blue)

Hi Mike, I am putting together some cheat sheets to use when entering HUD1’s. I would like to forward them to you when finished for your opinion.
Sure

One thing I finally grasped is that you don’t enter a hud1 the same way, it depends on whether you are bringing a check to settlement or taking money home from settlement.
BINGO!!

 If you are bringing a check the the mortgage is a negative, but if you are bringing home money the mortgage is a positive. And all other items are reversed whether it’s a check or a deposit. Is that correct?

i am clueless on negative and positive, however, Please think about what you will be doing as an investor, let’s keep it “brain-dead simple” makes it harder to screw up….

it does NOT matter if you are buying, selling, or trading…
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QuickBooks Question about Closing Statement when Buying

Question:

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.

Doni 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.

Answer:

Let’s keep it very simple/

Every closing – buying, selling, trading, lending has a closing statement or a settlement statement explaining all of the details of this particular real estate transaction.

Most settlement statements have a dollar amount… Click to Access Video or Read More