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Author Topic: Setting up Chart of Accounts in Quickbooks  (Read 8142 times)

Offline derek884

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Setting up Chart of Accounts in Quickbooks
« on: March 29, 2010, 06:01:12 pm »
I am a fairly new investor will a shoebox of receipts that I need to turn into financial statements for taxes. I purchased Quickbooks and I need to set it up to enter all my expenses and revenue. I bought 2 properties last year. One I fixed up and rented out. The other I have spent 6 months fixing up and will put it on the market this month.

Does anyone know what Chart of Accounts I should use? Will I enter my properties as fixed assets? Any help would be appreciated.
« Last Edit: December 19, 2011, 08:49:56 am by derek884 »

Offline justin0419

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Re: Setting up Chart of Accounts in Quickbooks
« Reply #1 on: March 29, 2010, 08:46:42 pm »
I'm far for a QB expert, but we're using QB Pro 2009 for our business.  Each of our properties is broken down into a separate class.  I can break down income and different expenses per property. 
Initially I tried to set up this system on the free version of QB.  I think it might work ok for one property, but I found I needed to buy the pro version to work for our business. 
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Offline derek884

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Re: Setting up Chart of Accounts in Quickbooks
« Reply #2 on: April 01, 2010, 02:47:39 pm »
Yeah, I have Quickbooks Pro, but I am not sure the standard chart of accounts for real estate is appropriate for a rehabber. I was hoping someone who had a good real estate CPA set up their chart of accounts could give me their list.

Offline jeffcichocki

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Re: Setting up Chart of Accounts in Quickbooks
« Reply #3 on: April 01, 2010, 07:52:42 pm »
Have you looked at John Hyre's KISS Guide to Bookkeeping?  Its pretty cheap for a course and it comes with a chart of accounts on disk for QB.  I'm not a QB expert by any means.  I bought it because I got the how to guide plus the chart of accounts for $299.  To pay an accountant to do that and teach me would have cost a lot more than that.

Jeff

Offline mcwagner

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Re: Setting up Chart of Accounts in Quickbooks
« Reply #4 on: April 09, 2010, 01:29:25 pm »
jezuz.  I'll send you a chart of accounts.
Mark Wagner, CPA, LLC
Certified Public Accountant
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