Archive for 'INVESTOR BOOKS'

This 6 minute ODV shows you in simple, step by step with handholding, how to properly enter a Bad Check from a Tenant or customer. TIP: Do NOT Delete the Deposit You Previously Made of the Bad Check that has been returned to you...

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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 cash flow in Investor Books PRO when I do a report, I put these fix up costs as an expense (initially).   I do this under "repairs and maintenance" The fix ups will eventually be transferred and re-characterized as a capital expense at a later date thus in the meantime allowing my cash flow 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   ANSWER: Great Question Steve! This is probably one of those questions most investors are afraid to ask. For starters, as an investor and business owner

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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   ANSWER:

Great Question Steve! This is probably one of those questions most investors are afraid to ask.

For starters, as an investor and business owner, YOU MUST KEEP YOUR FINGER ON THE PULSE OF YOUR BUSINESS! - No Exceptions! No longer can you borrow your way out of a cash flow problem.

Knowing this up front, you MUST be able to push a button and see a real, true blue, "cash flow" report.

This "Cash Flow" report drives many bookkeepers, accountants, and CPAs BONKERS because they have been trained to keep your books in Ready For Tax Time fashion. Their professionally trained method makes it totally impossible to generate a true "Cash Flow Report."

Keep in mind, the way they do your books is proper for tax time; however, you and I have not been trained in their 5 star bean counting arena.

The simple version is Investor Books PRO makes it simple and easy for investors and business owners.

ALL of your capitalized "expenses" get entered using the

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Question From Steve:

Hello Mike, I looked through the Investor Books Manual and did not see this ... When doing a flip, the repairs will be a capital expense versus an ordinary expense. How are you booking the repairs?

                                  Steve

  ANSWER: Great Question Steve!

Yes, it is in the manual; however, you will not find the word "FLIP." (I hate that word and back in the day, the term "flip" was also used to describe a fraudulent real estate transaction. And before the downturn of the economy, the Feds were targeting "flippers" of real estate even though they did not understand ethical investors used the term for a legal transaction.

All right, i am off my soapbox.

Therefore, replace your word "FLIP" with

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Question: Hello Mike,  Would you please give me some guidance.  
To make sure I am of the correct mindset in reading the Investorbooks manual ... on page 86 you mention if we are using single member LLC's (which are a pass through entity as fax as the tax prep) we set them up on one set of Books ... then does that mean that if we are not using single member LLC's and instead have a Corp that files its own return and a Multi-member LLC(s) that files its own 1065 that these will each have their own set of Investorbooks?
And ... if the Corp is on a fiscal year versus Calendar year end for taxes, does that make a difference as the way we would log the Fixed assets may be better using Fiscal Year versus Calendar year which may cause havoc with the other entities.
Thank you Mike, 
Steve
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ANSWER: 
Great question Steve.. Don't  make it so complicated. QuickBooks is a very powerful program allowing you to slice, dice, thrash, and smash your numbers.... providing you have it set up properly and use it properly as well.
You are making it way too complicated Steve. Let's dumb it down. here are your simple Rule Of Thumbs to keep you on the right path and It Is ALL DONE In Investor Books Pro... ONE Company File for ALL of Your Real Estate Entities and Businesses. If You have multiple entities

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QUESTION:
Hi Mike,
Happy New Year.  I hope you are doing better than I am at this time.  My wife’s computer crashed.  We received a new hard drive from Dell.  Now we must install all our programs and retrieve our backup data.  We thought it would be easy as we have our data backed up to an external drive and offsite with Carbonite but getting the programs reinstalled and set up properly is another matter.
Our IT support person will be installing our software tomorrow morning and we really need to get back in business at that time.  We really rely on Investor Books and Tenant Tracking and cannot afford to be without them any longer.
I have two CDs and hope they will get us back in business.  The jacket for the Investor Books CD says we need a key code and I am assuming that we probably need one for Tenant Tracking but we do not  have the original jacket.  The only numbers I could locate are in the center of the CDs.  They are as follows:
                Investor Books      XXX      copyright date 2004
                Tenant Tracking   XXX     copyright date 2003
Are these the key codes?  If not what can I do?  Is someone available by phone or email for help if we run into install problems?  Is there any information you can give me that will help in the reinstall?
I know it is New Years eve and day but until this happened I did not realize how much we rely on your programs or how we survived before having them.
Thanks for your help,
Richard W.
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ANSWER:
Here;s Your Answer Richard...
First of all, Happy New Year and calm down... not a problem, just a situation....
Simple Solution:
Rule #1: Always Make Back Ups... Looks like you did this wonderfully on Carbonite.
also check out UBackedUp.com
Rule #2: You Must

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