Hi Nick, What discount am I getting on BBA after enrolling for REAB course.

thanks for this!

Thanks you for this video! I just have some concerns, what if the sale was made thru installment? should there be a difference in recognizing the realized income, like using the installment method? or the business is exempted from using the installment method because its considered a dealer? is there anyway that a flipping business may not be considered a dealer?

Great video, but how do you record a defaulted payment (no payment) of 3 months worth?

Thanks for sharing this structure! I'm setting up a PM account for a company that manages both long and short term rentals. The PM company holds owner account balances until owners request a payment. How can I set up the accounts so that I can invoice the owners for management fees and operating expenses, and collect payment from their owner payable account balance?

I took over a set of books several months ago and they were using "property" essentially what you use for "business" in this video to specify properties. I hated that you couldn't split transactions so switched the books over to "class" to specify the properties in 2024. (Got the idea from this video - thank you for that!!) Now for 2025 I am considering changing the old "property" field to "business". Do you have advice for making that change? Or if I start using "business" for everything 1/1/25 and on, the reports should look good?

What if the two businesses need to send invoices, but are under different names/addresses? I can't seem to figure out how to make multiple invoice styles that appear to come from different businesses like I could in my old quickbooks desktop.

How do you setup the monthly template? I downloaded the template but do not have the "MONTHLY TEMPLATE" sheet.

Question: Sometimes we raise excess capital for a project and there is a surplus after all expenses on the HUD and that surplus is sent to our business account by title. I don't know how to balance the journal entry when considering I need to account for that surplus?

How do I migrate multiple companies in quick books online

I am trying to migrate files from multiple companies into one company into quick books online

If you operate an Airbnb and use this workflow, could you just create a monthly rental invoice (for the amount that month) to the "renter" airbnb instead of Olivia etc?

So say I want my niche to also be real estate. Should I only take real estate clients? Or just try to get more real estate clients vs any others? I'm working on getting certified as a bookkeeper currently but I'm very motivated to have a great first year. Thank you!

How detailed can I get with estimates in QBO? Can I use it as a stand alone CRM estimating/invoicing paltform?

Can I start with zero dollars

Hi Nick, for longer/larger (multi-unit and multi-year) development projects, we've been using Other Current Assets account type to "carry" project/construction expenses on the balance sheet until unit(s) sell, then the bookkeeper moves them to COGS to show on the P&L. Does that make sense of should we just record project/construction expenses in COGS from the get go?

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may I ask for the link for the products and services methodology you mentioned in this video

please elaborate more about the closing balance you recorded with the purchase of the property

Really fantastic and informative video for RE accounting, please upload a video and guide us, how to use class and location together for a multilocation RE business

Can u help me to get projects?

Thank you! I have been using Buildertrend for 8 years and not used templates. I was searching for a different software to help with workflow because we have grown so much. Im gonna try this first.

Hi, I have followed the instructions but for some reason it is not working for me. Not populating the field. Woud you be able to help?

Thanks Nick. I am looking to start a bookkeeping business soon. I need all the information I can get. This helped a lot.

Hey Nick, Do you sell your templates?

Hi Just a question, when we switch company account, do the bank accounts also changes?

Who in their right mind is paying someone $197/hr for bookkeeping? Maybe if you're operating at the assumption it takes 2 hours per month per client, but let's be realistic.

I'm considering moving 4 companies (parent and subs) to QBO. I have experience class coding for separate P&L's but was concerned this would not work for separate Balance Sheets. I've been exploring using Locations instead and came across your videos. The two main reasons I want to do this are so I can run consolidated financials which I'm doing manually to review enterprise profitability and the other is to not pay for 4 subscriptions when two entities are not generating revenue. My concern with using Locations is I'm worried my bookkeeper might forget to use the location if it doesn't beep back that it must be filled out. Another option would be to have 4 subscriptions and use multi company reporting with spreadsheet sync. Have you used that function? Do all subscriptions need to be Advanced? Intuit has gotten so greedy. I've been using desktop for 30 years and not happy with how costly they have gotten as well has forcing people to pay annually. I won't even update my personal business 2021 desktop version for this reason. Your videos on using Locations has been helpful!

But this method have limitations , because you can't connect payroll for deffrent enteties in one subscription. Or can't use the same connected bank account in quickbook.

Do you teach receipt management for business owners and real estate investors in your course?

All my accounts are connected via bank feed, probably about 25 accounts between 6-7 entities. When money goes from one company to another, I select Owners Draw or Owners Equity. It seems to be working. Would this be a possible solution?

Thank you. Your video is great! My client pays more than is required for her mortgage. The mortgage company puts the excess funds in an Unapplied Funds account. The funds are held until there is enought for a full payment. How would I record that in Quickbooks? I am assuming it would be a separate account in the COA for Unapplied Funds. If so would it be an expense?

What expenses do you import from QuickBooks and why? if importing receipts why not use the buildertrend cost inbox?

What about an expense with taxes?

Do you use Tenant Cloud? Do you like it and obliviously you don't use it for accounting so do you collect rent through QB and all else in Tenant Cloud?

Would this apply to a a real estate investor who also has a separate LLC as a real estate agent?

QBO *Simple Start* no longer has the "Show Items Table on Expense and Purchase Forms" would it be unwise to use tags instead until the business is at a point to afford more than the simple start version of QBO?

Can you send me your schedule template?

Hi Nick, I'm enjoying the Real estate accounting boot camp. Can you advise me on how to charge for monthly bookkeeping service for a real estate investor with 10 properties with 5 units each. I'm trying to set up a pricing framework. TIA

Would you please explain why interest goes to COGS and not expenses. thank you

This has been a super helpful video. Question.. How do you give a "location" to wage and taxes in employee payroll? I have one employee that is a personal assistant for one of my locations and al of her payroll stays in the "not specified" column. Thank you!

Nick. do you have a link for the project estimate shown in the video?

Apparently I don't have QB plus because I don't have the screen that allows me to track classes or track locations. Do you have a video for this? Is it worth upgrading, I am the only user, I run a real estate brokerage, a construction co and rental property business all under a Trust. 2 are LLC's and one is an INC.

What is the benefit of using Product/Service for rehab costs vs using sub-categories of Flips-Rehab Costs? as sub-categories they show on the P&L report instead of having to drill down to Transaction Details by Product.

Where can I download your Chart of the Accounts? Thanks

thank you for sharing this. I actually would like to confirm if we can use QBO alone and eliminate the use of 2 books?

Hi Nick, I hope you are doing well. Lending is also part of investing, and there are no videos about it. I would like you to make a video of it.

How do you handle unused construction escrow funds? For example, we flipped a house. Raised 70,000 in construction escrow but only spend $3800 before we sold it. We did a "wholetail". How do you balance out the unused construction escrow on the balance sheet after it is sold?

Thanks so much! I use MYOB and your instructions were super easy to follow.