Tag: quickbooks pro for real estate

QuickBooks For Real Estate – Repairs vs. Capitalized

Posted on By Mike Butler

QUESTION from Steve:

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

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

Posted on By Mike Butler

QUESTION from Sharon:

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 that's fine - but when I compare that to my the income detail report - the numbers don't match?  What I billed out isn't 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.

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