How To Do Bookkeeping With QuickBooks Online For Real Estate Investors

[@BookkeepingExpert]

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[@johnjingleheimershcmit9251]

Great video. I love the idea of making a video for each specific niche you serve. Are you also tracking book depreciation and current portion of long term debt every month for the properties?

[@BookkeepingExpert]

No, I am not tracking depreciation

[@Mr_Nobody604]

Yes please! keep making these video it’s interesting I like to see how others do there bookkeeping! Good work brother love your videos!

[@BookkeepingExpert]

Thank you for your support and kind words! I'm glad you enjoy the videos and find them interesting. If you have any specific topics you'd like to see covered in future videos or any questions, feel free to let me know. I'm here to help and provide valuable insights!

[@JeromeGSherman]

Thank you for this helpful no frills full of meaty real-world informative video. I definitely will use your "know-how "info when I'm ready to make that next step in bookkeeping.

[@BookkeepingExpert]

Glad it was helpful!

[@josesquiabro5819]

Great video. As a new real estate investor, this demonstration was extremely informative and beneficial !!!

[@BookkeepingExpert]

Glad it was helpful!

[@caredfor391]

Thank you! Looking to bookkeep for RE investors. Appreciate the time and experience!

[@BookkeepingExpert]

Best of luck!

[@aurorahurtadoo]

Such a great video! More like this would be helpful!

[@BookkeepingExpert]

Thank you! Will do!

[@muhammadjashimuddin8645]

This is very helpful for real estate bookkeeping. Do you have any specialized courses for real estate bookkeeping?

[@BookkeepingExpert]

No, I don't. But I should!

[@PS.Bookkeeping.Accounting]

Hi Zach, What is the best accounting method (cash or accrual) for real estate (rental property). My potential client has 3 properties. I saw the bank statements and it pretty straightforward, and 2 properties have a mortgage payment. I was thinking of cash basis, but wanted to get another perspective. Hope to hear from you soon. Tony

[@BookkeepingExpert]

I would do cash basis

[@fredygonzalez962]

Great video. Thank you

[@BookkeepingExpert]

Glad you liked it!

[@thuyduongnguyen2157]

Thanks for your precious information. Can I get the sample of Chart of account for real estate business which has both rental and flipping house activities?

[@BookkeepingExpert]

I don’t have a sample, sorry!

[@comment5884]

Qb online compared to just the software where you just buy once can you talk about what pro and cons of both?

[@BookkeepingExpert]

I only work with QuickBooks online

[@lizettegudiaga4937]

How can you zero out the fixed asset amount after selling the house and paying off the loan?

[@BookkeepingExpert]

Credit House Debit Loan Debit Cash to sellers Credit Flip Income (whatever is left over after the 1st 3 entries)

[@KN-eh2fh]

what industry you think it's less work and easy to handle? Can you give us a few examples? 😅

[@BookkeepingExpert]

Plumber Pest Control Marketing Agency Any solo entrepreneur "owner-operator" providing services

[@VocaProductions]

Rewatching this video, where is the black shirt?? 🧐

[@BookkeepingExpert]

Not today!

[@rickyramirez7103]

Why is classes better than making accounts for each property?

[@BookkeepingExpert]

Because when you have 5+ properties, you balance sheet and P&L will be over complicated

[@wasteoftime123]

What about when you receive rent payments? How would I categorize it?

[@BookkeepingExpert]

Rental Income

[@sarahfoster3942]

How can I get started on an online bookkeeping business and be successful if I have no experience in bookkeeping? I am pursuing a career in accounting/finance, however, I feel School sometimes don’t teach you the business side of things! I need help to understand what I need to do? 😅

[@BookkeepingExpert]

Starting an online bookkeeping business without prior experience is definitely possible. Here's a step-by-step guide to help you get started: Learn the Basics: Begin by learning the fundamentals of bookkeeping, such as understanding debits and credits, financial statements, and accounting software. There are many online courses and resources available for free or at a low cost. Practice: Gain practical experience by offering your services to friends, family, or small businesses at a discounted rate or even for free initially. This will help you build confidence and create a portfolio. Build Skills: Familiarize yourself with accounting software, such as QuickBooks Online or Xero. These tools are commonly used in online bookkeeping businesses. Business Plan: Create a business plan outlining your target market, services offered, pricing strategy, and marketing approach. This will provide clarity and direction for your business. Niche Down: Consider specializing in a specific industry or niche. This can make you more appealing to a targeted audience and help you stand out from competitors. Legal Setup: Register your business, choose a business name, and obtain any necessary licenses or permits. Create an Online Presence: Build a professional website and set up social media profiles. A strong online presence will help potential clients find you. Networking: Attend industry events, webinars, and online communities to connect with others in the field. Networking can lead to valuable opportunities. Offer Value: When marketing your services, focus on the value you can provide to your clients. Highlight how you can help them save time, money, and make informed financial decisions. Continuous Learning: Stay updated with the latest trends and developments in the bookkeeping and accounting industry through online courses, workshops, and articles. Get Feedback: As you gain clients, gather feedback to improve your services and build a positive reputation. Be Patient: Building a successful business takes time. Be patient, persistent, and open to learning from your experiences. Remember, every entrepreneur starts somewhere, and learning by doing is often the best way to grow. Don't be afraid to take the first step and adapt as you go along. Good luck on your journey!

[@JeromeGSherman]

This here is golden! thanks so much. @@BookkeepingExpert

[@sarahfoster3942]

@@BookkeepingExpert thank you so much for this!!! You have inspired me more and more with your videos!!!

[@BookkeepingExpert]

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[@Borhanoffical]

I want to learn Real State Bookkeeping & Property Bookkeeping, Could you help me? Thanks

[@BookkeepingExpert]

Yes! I’m making a course right now! Click here for early access and special offers -> www.harrisburgbookkeeping.com/bookkeeping-course

[@USAlive596]

Can you please tell me which QBO version you are using?

[@BookkeepingExpert]

Plus

[@jonelatendido9836]

Thanks bro, Could you provide e-commerce Bookkeeping?

[@BookkeepingExpert]

I will add that to my list of possible future videos!

[@jonelatendido9836]

Thanks so much bro❤

[@danieljohnson6863]

Do you have to pay to set up a demo company?

[@BookkeepingExpert]

Nope!

[@danieljohnson6863]

How? Set up under accountant view or whole new account?

[@BookkeepingExpert]

@@danieljohnson6863 you can just create a new account and use the 30-day free trial

[@danieljohnson6863]

Thank you. Appreciate the help.

[@christianramirez1255]

Why is it important to add vendors?

[@Mstroup93]

In quickbooks you can 'group by vendor' in reports which will make it much easier to read. For example you can run a "Repairs & Maintenance" report and group it by vendor which will show you how much money you've spent on each vendor for that time period. Another big reason to include vendor names is because of an accountant tool called "Reclassify Transactions". This tool will allow you to search for every transaction with a specific vendor name and change its category. For example maybe you accidentally categorized every expense at Shell Gas Station incorrectly for an entire year, you will be able to search for all 'Shell Gas Station' vendor transactions for the past year and recategorize them correctly in seconds.

[@BookkeepingExpert]

So that you can batch edit multiple transactions at once in the vendor section

[@christianramirez1255]

@@BookkeepingExpert Okay! Quick question, would you recommend I ask my clients to refer me? Or is that something I shouldn’t ask for?