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@ryanmcginn1861
3 жыл бұрын
Thanks for doing these!
@parkerfamily6378
7 ай бұрын
Do you have a tutorial on how to add the other businesses to your QB account? I currently am going between 2-3 different businesses and this this would help me out so much to have it all in one account.
@Incomedigs
7 ай бұрын
Yes! You can see that here: kzitem.info/news/bejne/1m6j0mWHsaiAeWU Be careful with this strategy...there are several pitfalls. We discuss these and how to plan for and overcome them in our end to end course: Real Estate Accounting Bootcamp: www.incomedigs.com/reab3
@tracijackowicz291
4 жыл бұрын
How do you do this if you have separate company files?
@macbillllc4135
2 жыл бұрын
Hello Nick, me again. I am going through those steps right now. What if I am transferring the property to myself?? All paid off, I am assuming is just one single entry. Just now sure which account to use. Thank you in advance!!
@Incomedigs
2 жыл бұрын
Hey There! You would Credit the property from the Business and Debit "Owner's Equity". It is as if you are taking a draw from the business.... in the form of equity!
@macbillllc4135
2 жыл бұрын
@@Incomedigs makes sense. Once again, thanks a lot.
@charliehu88
3 жыл бұрын
I have one rental property under my personal name. Recently, I transferred and refinanced this property to a LLC. How do I record the property value in the QB with LLC? Does the property continue the depreciation schedule as before or start a new depreciation schedule?
@Incomedigs
3 жыл бұрын
Hi Charlie, thanks for watching! When you transferred the property to the LLC, you likely had a transfer of title and a closing statement on that "sale". If this is the case, you would treat the property as a new asset for the LLC and begin the depreciation schedule anew.
@charliehu88
3 жыл бұрын
@@Incomedigs Thank you for your reply. The LLC setup, title transfer and refi closing were done by the same lawyer. The ownership transfer amount was $1 for the property. The closing settlement form was "Optional Form for Transactions without Sellers". In the closing doc, I also found State Tax Form 290 (Massachusets) in which there were most recent Land value, Improvement Value(Building value). So in the case of $1 ownership transfer, should I continue the the same depreciation schedule as before or start anew? If start anew, what base value should I use, the current assess value (mentioned previously) or current market value? Since the transfer was $1, I have no capital gain to report, right?
@Incomedigs
3 жыл бұрын
@@charliehu88 In this case, yes: Keep the asset value as it was before the transfer. You can offset with Debit of the fixed asset with a credit of "Owner Investment" (Equity). In essence, you are personally "investing" in your business by transferring this property.
@damache123
3 жыл бұрын
Do you have any videos for how to set up a property as a vacation rental business if you already own the home and have a mortgage on it? THANKS!
@Incomedigs
3 жыл бұрын
Hi Tammy...thanks for watching! We don't have anything specific on the topic. Although, we are discussing the topic a lot lately in the Real Estate Accounting Bootcamp Community. www.incomedigs.com/reab We've recorded a few supplemental videos that touch on Short Term Rentals specifically. Just nothing on KZitem at the moment.
@laker6993
3 жыл бұрын
I was following this post because I recently purchased a new property, without the transfer of the deed aspect. After finally getting my journal entry data on point, I noticed my transfers from my cash account then had a double entry from the bank records. Do journal entries always require the deletion of previous bank transactions?
@Incomedigs
3 жыл бұрын
Ryan, if you are going through a reconciling activity...then, yes, its likely you will need to delete the previous transaction. However, moving forward, you can create the journal entry ahead of time, and simply "match" the incoming bank transaction when it comes in.
@MikeySauls
3 жыл бұрын
Hey Nick! Are there reasons we should use a single Intercompany EQUITY account (as seen here), vs the 2 Intercompany LOAN accounts (as you showed when reconciling credit cards used by different companies...ie “commingling between businesses”)? The first method seems simpler which I like, but wasn’t sure if the second method was needed for credit cards & checking accounts. #1) Intercompany Equity - CompanyA & CompanyB vs #2) Intercompany Loan CompanyA TO CompanyB & Intercompany Loan CompanyB TO CompanyA
@MikeySauls
3 жыл бұрын
You answered this in today’s Q&A session. Thank you!
@Incomedigs
3 жыл бұрын
@@MikeySauls Yes! Great question! And to chime in: Michael's suggestion is great. Instead of having an intracompany loan for each company (one is an asset and one is a liability), you could have one single, generic Equity account "Intracompany Loans'. By using Location, you would be able to attribute lines of a journal entry to this account. For one location, the account would be positive, for the other, the account would be negative. Thanks Michael for the suggestion!
@MikeySauls
3 жыл бұрын
REAB student here! :) Very helpful video, thanks! Until recently, I haven’t had a need to turn on and use location tracking to separate businesses. However, it’s now time to do this as I’m deeding a property over to myself (Company B). Since all my prior transactions don’t have a business tagged, is there a way to blanket label/add my “Company A” to all prior transactions, so that once I enable location tracking, going forward I can keep it separate from my “Company B”? Thank you!
@Incomedigs
3 жыл бұрын
Hey Michael! Ahh yes....we now have the need to use location tracking! Not to worry. This will be a bit of a headache...but hopefully not as bad as you are anticipating. While QBO does not have any built in "mass update", you could potentially make use of this secondary tool: www.saasant.com/app-saasant-transactions-quickbooks-online.html You can pay the $10 per month, do your update, and then cancel your subscription. Another option would be to use a journal entry at a specific point in time to "move" everything from "Not-specified" business to the appropriate business. You can do that by pulling a Balance Sheet and Profit and Loss with the ending date of that "point in time"....for example, end of 2020 would be 12/31/2020. Take a screenshote or export that report...and create a journal entry as of that end date. Within that journal entry, all you do is create a line for each account that shows in your report. You'll "0 out" the account as "not-specified" and add the amount per the report to the appropriate business. For example....if you have a Revenue of 125,000 for 2020, you would have the following in your journal: Revenue - Debit - 125,000 (Leave Location Blank; this will "0" out not specified) Revenue - Credit - 125,000 Populate the appropriate business. Repeat the above for all non-zero accounts on your balance sheet/ P&L You're totals will not change...but your "totals by business" will.
@MikeySauls
3 жыл бұрын
@@Incomedigs This is immensely helpful, thank you SO much! Really appreciate the thorough response. Also wanted to say I’ve gotten a ton of value from your REAB course and videos! Highly recommended to anyone reading this!
@Incomedigs
3 жыл бұрын
@@MikeySauls Thank You!!! I really appreciate the feedback! Let me know if there's anything else I can help with on this topic!
@MikeySauls
3 жыл бұрын
@@Incomedigs Just wanted to follow up and let you know it all worked out! I went with option #2 and used journal entries to move everything over. Worked like a charm!
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