Archive for 'quickbooks pro for real estate'

QuickBooks – How Do I Use 2 or more users?

QUESTION: 

We have 2 people who will be using the Investor Books / Tenant Tracking system. 

Do we need to purchase QB multi-user and network our computers so that the data will sync ?  How does that work?

Thanks!
Sherry W.
ANSWER:
great question Sherry!
here is your short simple answer.

 

If you are using one computer and you have QuickBooks Pro installed on it:

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QuickBooks For Real Estate – Repairs vs. Capitalized

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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Tenant Tracking Inside Look and Overview

Tenant Tracking is part 2 of the Investor Books Pro System™, The Only System for Real Estate Investors using QuickBooks Pro.

www.InvestorBooksPro.com

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My Reports Don’t Look Right In QuickBooks Q&A

 QUESTION:

Hi Mike

I am the owner of your Investor Books PRO System software and have attended one of your seminars in KY a few years ago.  I did have a girl doing my books who is no longer helping me and I am STUCK!  I have a couple of questions that I can not seem to find the answer...
1.  How do I get an accurate report on what I actually took in on a property?  I can go to income by property report - and thats fine - but when I compare that to my the income detail report - the numbers dont match?  What I billed out isnt important - it is what I actually took in (by property) that I am looking for?
2  Once I can get my hands on the real amount of money I took in for each property - how do I take that income and  put it into Investor books so that I can see what my real bottom line is - ie income vs expenses...
I would appreciate it if you could point me in the right direction....
Thank you
Sharon B.
Mike's Answer:
Don't feel alone on this Sharon. Many investors have tried to simply "delegate" to another without having a good understanding of the basic fundamentals. As investors, we all have the huge handicap of being impulsive and wanting results now. 

When training investors across the nation, you would be very surprised at how few investors actually read "instructions."  (me included).

Let's start from the beginning, in reviewing your file, it appears Susan was the person in charge of your Investor Books Pro System with Tenant Tracking.

Based on your question and email here, I am going to assume she tried to do everything in Tenant Tracking.

If this is the case, You can not produce any reports in Investor Books Pro.

When using Investor Books Pro System properly, Tenant Tracking is your property management and loan customer tracking system. The end result from Tenant Tracking is a "Stamped Deposit Slip" from your bank.

At that time, you will enter your "already deposited into your bank account" deposit into Investor Books Pro company.

This allows for True Blue Cash Method of Accounting reporting income "as you receive it" and not as "they owe me."

Take a Look at the "Why 2 Company Files ODV" and this should clear it up.

Sharon, if you have been using Investor Books and Tenant Tracking properly, you will simply click on your Reports Speed Button in Investor Books and you can select the reports for the year you want to see your results.

Good Luck in 2011

Let me know if this has helped you out..
Mike Butler

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How To Enter Real Estate Purchase with a Loan in QuickBooks Pro

How To Enter Real Estate Purchase with a New Loan

This is an ODV PREVIEW.

Members can view complete On Demand Video by clicking link below.

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