I couldn't be happier with Amy's easy, relaxed and calm form of teaching this. Although I used QB for other businesses, I never really knew how to set up my chart of accounts for Real Estate. This is great and now I know how much I lost of doing it wrong in the first place. thanks, Two thumbs up for Amy! :)
This video was very helpful. I followed the link to the companion blog so that I could download the IIF. The link did not successfully load. Is this file still available?
Very helpful video! In the video you mentioned that another video pertaining to how to input the expenses incurred would be beneficial. Do you have any info on that topic or where to find a video?
Glad you found it helpful! We haven't created it yet, but will move it up on the list since you have expressed interest. Feel free to subscribe stratafolio.com/sign-up/ so you know when the video comes out. Take care! Jeri
How do you record owner financing real estate, including escrow? Is property taxes and insurance escrow supposed to be recorded together or separately?
Great question! We did another video on escrow where we go into this very topic. You do want to record this all separately. You can find that video here - ruclips.net/video/mgJW1YcuC_w/видео.html.
I tried downloading the sample chart of account for Quickbooks online, but was unable to do so. Do you have the file in a CSV or Excel format compatible with QB online?
Thanks for reaching out. This is actually the topic of an upcoming video. But, in the meantime, use the existing IIF file, open it in excel and save it as a CSV and then you should be able to import to QB.
What are your thoughts on setting up a separate company for each rental property in Quickbooks? My reason being is because I have a separate LLC for each property.
Hi Dane - Thank you for reach out. This is dependent on how you initially set-up these companies when you filed the paperwork. I would share that with your accountant for the official answer. But generally, yes, you do want to set up separate accounts in QuickBooks for each legal entity so you are not piercing the corporate veil and co-mingling funds. Good luck! Jeri
It could be the basis for your start, but there would need to be modifications so you can effectively isolate your costs by project. You will want to work with an accountant or look for some other template to get you started. And...you can always change the chart of accounts if it is not giving you the type of information you need to truly run your business. Good luck!
Hello Donna! You can access an excel version of the file at the bottom of this blog - stratafolio.com/set-up-chart-accounts-real-estate-company/ Thank you for stopping by!
I couldn't be happier with Amy's easy, relaxed and calm form of teaching this. Although I used QB for other businesses, I never really knew how to set up my chart of accounts for Real Estate. This is great and now I know how much I lost of doing it wrong in the first place. thanks, Two thumbs up for Amy! :)
Thank you, Estrella! We will pass along the message to Amy!
This video was very helpful. I followed the link to the companion blog so that I could download the IIF. The link did not successfully load. Is this file still available?
Hi Denny - Thank you for letting me know. The Excel file should work as well. Let me know if that doesn't work. Thank you! - Jeri
Very helpful video! In the video you mentioned that another video pertaining to how to input the expenses incurred would be beneficial. Do you have any info on that topic or where to find a video?
Glad you found it helpful! We haven't created it yet, but will move it up on the list since you have expressed interest. Feel free to subscribe stratafolio.com/sign-up/ so you know when the video comes out. Take care! Jeri
@@STRATAFOLIO Watching this in 2020 - Any video on "How to input the expenses incurred" (Utilities -Water/Trash), Maintenance Etc. - Thanks
@@BrentInvesting Great suggestion! I think that is something we can work on this year!
How do you record owner financing real estate, including escrow? Is property taxes and insurance escrow supposed to be recorded together or separately?
Great question! We did another video on escrow where we go into this very topic. You do want to record this all separately. You can find that video here - ruclips.net/video/mgJW1YcuC_w/видео.html.
Are these rentals properties that you own or that you manage for other people?
In this situation, these were rental properties we owned.
These are for owned by this company.
Hello thank you for this tutorial. Where can we get the IIF file
You can find the link for the IIF file at the bottom of this blog - stratafolio.com/set-up-chart-accounts-real-estate-company/
I tried downloading the sample chart of account for Quickbooks online, but was unable to do so. Do you have the file in a CSV or Excel format compatible with QB online?
Thanks for reaching out. This is actually the topic of an upcoming video. But, in the meantime, use the existing IIF file, open it in excel and save it as a CSV and then you should be able to import to QB.
What are your thoughts on setting up a separate company for each rental property in Quickbooks? My reason being is because I have a separate LLC for each property.
Hi Dane - Thank you for reach out. This is dependent on how you initially set-up these companies when you filed the paperwork. I would share that with your accountant for the official answer. But generally, yes, you do want to set up separate accounts in QuickBooks for each legal entity so you are not piercing the corporate veil and co-mingling funds. Good luck! Jeri
@@jerifrank3945 Thank you!
I am flipping houses. Do you think this chart of accounts will work fo me?
It could be the basis for your start, but there would need to be modifications so you can effectively isolate your costs by project. You will want to work with an accountant or look for some other template to get you started. And...you can always change the chart of accounts if it is not giving you the type of information you need to truly run your business. Good luck!
thank you
Where can I get the IIF file?
Hello Donna! You can access an excel version of the file at the bottom of this blog - stratafolio.com/set-up-chart-accounts-real-estate-company/ Thank you for stopping by!
@@jerifrank3945 The website is down... anywhere else to get the file?
@@metrohomes7375 Can you email me at jeri@stratafolio and I can share. Thanks for watching!