Wondering if you've run into this: when I expense out of the property tax escrow account, it doesn't show up when I break down the balance sheet by class; all of the expenses go to unspecified. The total by business is correct, but the total by property only shows the transfers IN to the property tax escrow account.
Great video! I really enjoy your content. In the case, where you had more properties, reported by classes, is there any way to associate the property tax expense so that the balance sheet shows the outgoing money appearing under the correct class? For me, it appears under Not Specified for the Balance Sheet, but correctly in the P&L report. I debated doing a journal entry - but I like the idea of the expense and being able to attach the tax bill.
Hey Kevin..thanks for watching! Check out this video: studio.ruclips.net/user/videoB5GBveveMqc/edit Your balance sheet..."by class"....is really tough. It should be correct for what you own (property) and mortgage principle, and total net income. However, your bank account' by class" will almost never seem "accurate". That video explains why. Your balance sheet by class SHOULD help you understand the escrow account balance for each property. We get into this in great detail in our end to end course...definitely check it out! www.incomedigs.com/reab
Hey...thanks for watching! I personally like to setup a separate category for PMI. I have one account: "Debt Service" and then two sub accounts: "Interest" and "PMI"
Hi! Thanks for watching! I'm not sure I understand what you mean by "Principal Deposit"....can you explain further what portion of the video you are referring to? Thanks!
@@Incomedigs thanks. In the video at 4.05 'Principal Deposit ' is mentioned. But later on, when comparing the year-end statement from the mortgage company, I see later in the video the Principal deposit is 0. So what happened to the Principal Deposit?
@@umas7855 ahh! The purchase deposit! We recorded an expense...before the closing of this purchase....to Purchase deposit. The $20K that we put down as an escrow deposit on the property. Before we close, it sits in "other current assets". Then, as you see in the video at 4:05...we Credit the "Purchase Deposits" account $20k to bring it down to 0.
Check out my End-to-End Quickbooks Training. www.incomedigs.com/reab ($50 off w/ code RUclips50)
Wondering if you've run into this: when I expense out of the property tax escrow account, it doesn't show up when I break down the balance sheet by class; all of the expenses go to unspecified. The total by business is correct, but the total by property only shows the transfers IN to the property tax escrow account.
Hi! Yes...this can be frustrating...but there is a reason. Check out this video where I explain it: ruclips.net/video/B5GBveveMqc/видео.html
Great video! I really enjoy your content.
In the case, where you had more properties, reported by classes, is there any way to associate the property tax expense so that the balance sheet shows the outgoing money appearing under the correct class? For me, it appears under Not Specified for the Balance Sheet, but correctly in the P&L report. I debated doing a journal entry - but I like the idea of the expense and being able to attach the tax bill.
Hey Kevin..thanks for watching! Check out this video: studio.ruclips.net/user/videoB5GBveveMqc/edit
Your balance sheet..."by class"....is really tough. It should be correct for what you own (property) and mortgage principle, and total net income. However, your bank account' by class" will almost never seem "accurate". That video explains why.
Your balance sheet by class SHOULD help you understand the escrow account balance for each property.
We get into this in great detail in our end to end course...definitely check it out! www.incomedigs.com/reab
What category would you establish for PMI? Or would you roll it under an existing category?
Hey...thanks for watching! I personally like to setup a separate category for PMI. I have one account: "Debt Service" and then two sub accounts: "Interest" and "PMI"
Thank you!
Good job
How does principal deposit become 0?
Hi! Thanks for watching! I'm not sure I understand what you mean by "Principal Deposit"....can you explain further what portion of the video you are referring to? Thanks!
@@Incomedigs thanks. In the video at 4.05 'Principal Deposit ' is mentioned. But later on, when comparing the year-end statement from the mortgage company, I see later in the video the Principal deposit is 0. So what happened to the Principal Deposit?
@@umas7855 ahh! The purchase deposit! We recorded an expense...before the closing of this purchase....to Purchase deposit. The $20K that we put down as an escrow deposit on the property. Before we close, it sits in "other current assets". Then, as you see in the video at 4:05...we Credit the "Purchase Deposits" account $20k to bring it down to 0.