Thank you for covering this. I've looked all over for this example. Everyone else either covers the HUD transaction or the disposal of the asset, but you are the only one that I've found that covers both, while working them in together.

Wow, I've literally been trying to figure out how to do this for a month and there are lots of resources out there, but everyone else uses generic terms... you're literally the only one who's very practical application clarifies how simple it really is. While I kinda feel dumb that it took me this long to figure it out, I am too happy about finding this resource to care about that! I have subscribed to your channel as I find your way of explaining things to be incredibly helpful! Thank you!!!

Hey Hector!!! Congrats on the QuickBooks Official video for QuickBooks Enterprise! Keep up the good work!

@HectorGarciaCPA

5 жыл бұрын

Nazdak Marlow which one?

Thank you sir for teaching wonderful entries and i m also working with one of the KPO based company in india since last 7 months and your videos help me to learn fast and once again thank you 😊

@HectorGarciaCPA

5 жыл бұрын

:)

How do you match the bank deposit with the proceeds listed in the JE?

Thank you for your video, I usually record legal fees in accrual, as we are billed for previous month. We are in the process of purchasing the building, do I need just record legal fees associated with it in fixed assets , instead of accrual? Thank you

Thank you for the informative video. I have a question. I recorded opening JE to record business purchase DR(all assets we bought CR(Loan) & CR Owners equity for opening balances. Now when I am trying to reconcile my bank account I see the amount I put initially in business which should be CR to owners contribution but if I do that my equity account will show both balances from JE(in owners equity account) and bank feed balance coded to owners contribution account. What should be the proper way of reconciling my bank now without increasing the equity account?. I'm not sure how to record this? Please shed some light.

What about Mortgage Interest-Only payments? Do those get reclassified upon sale to the fixed asset? Or how are those payments handled?

What do channel members get for joining at $4.99/mo? And what are you offering at $500/yr? What is the difference between the two large differences in price? Great channel, by the way. Tons of useful information!

@HectorGarciaCPA

5 жыл бұрын

David Martin $5/month gets you nothing really, you are just supporting my channel and have access to one video per month that I don’t make public. The $500 a year subscription is not related to KZread, is done in a different platform in which I deliver ADVANCED content for experienced users, if you are not an accountant or power user, I don’t recommend it. However 95% of the content I create in in KZread and is free, no need to pay for anything.

I'm using desktop and I understand the principals are the same However, the flipper I'm working for wants to itemize the rehab expenses like a contractor would. There must be a way to generate an Actual vs Estimate for detailed analysis in Desktop. Your videos are awesome Thank you so much.

@HectorGarciaCPA

Жыл бұрын

There is, but you have to create an estimate for each project

I have a question, how can I record a company that I bought in 2015 and sold in 2020. I flip them but that one I kept for 5 years as a rental but want to put it in the books in my flips of 2020

Hi and thanks for this great content. Have you made a similar video for the purchase of real estate to rent out (NOT flip)?

@HectorGarciaCPA

Жыл бұрын

I don’t so

Hi Hector, Great content! Job well done! Do you think you can make something for 1031 exchange?

@HectorGarciaCPA

Жыл бұрын

Not my specialty

Hector, Congrats! Great video! Quick question: Taking the same example, each account do you suggest that I report a transaction that doesn't have money involved with no profit? EJ: He transferred property for $ 0.00.

@HectorGarciaCPA

4 жыл бұрын

I don’t undertand

@meyrodrigueskelly8609

4 жыл бұрын

@@HectorGarciaCPA Example: Your company had a Land 550k, improvement cost 30k, total 580k as fixed assets, and transferred to me, that I'm a Partner of this company cost 0.00, I don't know how I record this.

Thank you for this example. However, I use QB Desktop I am going to try and replicate this example in QBD.

@HectorGarciaCPA

2 жыл бұрын

Ok!

Great video. I keep seeing 2 versions regarding flips. Some put them under COGS so they can get all the information on the P&L from the purchase price, expenses, and profit since the fixed asset is on the balance sheet. I can also run it by project. I understand their concept, but accounting wise this doesn't seem the right way since the property itself is an asset. So if you have 20 properties you are currently flipping, do you run a Balance sheets and P&L reports separately for each property to review? I tried running the trial balance, but that's doesn't break it down by project. I'm using project as I found it's great to keep track of all expenses. I heard you're limited with classes. What are you thoughts on placing the fixed asset on COGS (even thought it hasn't been sold yet)? Is this more of a preference.

@SuttonSystems

Жыл бұрын

I am in the same boat right now. How did you end up doing it? I much prefer breaking it down by project but I'm unsure if that won't cause issues during tax time etc.

@xdbooboo1

Жыл бұрын

@@SuttonSystems I used classes and put the property under assests

Do you have a tutorial for QP Mac Desktop for real estate brokers?

@HectorGarciaCPA

5 жыл бұрын

No

Would you have to have a seperate worksheet to track you estimated versus actual costs for remodleing the flip? I was originally thinking of a flip as a construction project, but if everything has to go through an asset account because the flip is inventory I'm not sure my idea would work.

@HectorGarciaCPA

2 жыл бұрын

In QB online you cant track estimated costs

Hector - What do you do about recording HST on expenses when you are posting to the balance sheet accounts.

@HectorGarciaCPA

2 жыл бұрын

I don’t know HST, sorry

So you would never want to make the renovations, etc be pt in the cost of goods sold? Commissions paid as seller not an expense to show in cost of goods or expense?

@HectorGarciaCPA

4 жыл бұрын

Not in this context.. it’s a change of basis

At the end of the video you say that this way the investor doesn't generate income ? I am confused, there were profits or what is the difference ? Great video by the way and well organized.

@HectorGarciaCPA

4 жыл бұрын

I would have to watch the whole video again and try to understand what you understood from it. But there should be income for the investor if there is a profit, there is no doubt about that

@MikeySauls

4 жыл бұрын

I think he was referring to not generating any rental income. This is a recording for a fix & flip and not a rental property.

is there any way to export some checks from one quickbooks desktop to another one?

@HectorGarciaCPA

5 жыл бұрын

With SaasAnt you can.. is like $100 per year

Hi Hector, this is Jorge, do you have any kind of subscription for quickbooks training videos that i can pay to have all the videos? Great video by the way

@HectorGarciaCPA

4 жыл бұрын

QBO or Desktop?

@jorgefraga5045

4 жыл бұрын

@@HectorGarciaCPA qbo....

@HectorGarciaCPA

4 жыл бұрын

There is a 13 episode QBO series that is $200 to access recordings.

@jorgefraga5045

4 жыл бұрын

@@HectorGarciaCPA ok. that is good, how do i buy it ?

do you have a video of this for QB desktop?

@HectorGarciaCPA

2 жыл бұрын

No… but principle should be the same

How would you do this if your loan includes rehab costs as well?

@HectorGarciaCPA

5 ай бұрын

Include as part of the property basis

How did you record security deposit against the property please.

@HectorGarciaCPA

5 ай бұрын

Create a sub account for each property in the Deposits Lability account

how do you account for hold back for draws?

@HectorGarciaCPA

10 ай бұрын

Put it in other current asset

Hector why doesn't your total amount when doing the JE to "purchase" property match the total on the bottom of the ALTA statement ?

@HectorGarciaCPA

2 жыл бұрын

It doesn’t need to

@candicewhitley3750

2 жыл бұрын

@@HectorGarciaCPA Thank you Hector!! I have another question as to how would you record "exchange funds" it was money from another property sold to purchase a new property. I don't know what to record that under.

@HectorGarciaCPA

2 жыл бұрын

@@candicewhitley3750 those come from the proceeds or gain of the previous transaction. You need to resolve the previous transaction first

Why do you keep stressing that its for flippers. Is there something different if you are not a flipper.. Looks like its the same, what else is different?

@HectorGarciaCPA

2 жыл бұрын

Its because i have another course that is for investors/renters of the real state