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QuickBooks 2001... - http://www.dealmakerscafe.com Forums

Original message

Robert

"QuickBooks 2001..." , Sun 4 Mar 23:29

Hi everyone. I've just begun to try to set up QuickBooks 2001 to handle the finances for my business and I am completely lost. I don't think I am a complete idiot but I cannot even figure out how to set up a loan to track a mortgage on a property in this program. Am I missing something here? I have used Quicken for my personal finances for years and am quite comfortable with it, but this is my first time to use QuickBooks. I need some serious help!!

Any suggestions would be appreciated.

Robert

Replies:

Joe Arlt

"Re(1):QuickBooks 2001..." , Tue 6 Mar 20:41

Robert:

You're correct that QB does not do loan amortizations. I was ready to switch from Quicken (which handles them extremely well, categorizes all the items by property, works great) until I found out. Intuit could upsell a lot of Quicken users if they added this one feature to QB. Oh well.

Joe Arlt
Super Wrapper

Dealmaker
Moderator

"Re(1):QuickBooks 2001..." , Mon 5 Mar 07:09

Setting up Quickbooks for Real Estate can be a bear even for accountants. I should know

Your bookkeeping is probably the most important aspect of real estate besides buying & selling. The bookkeeping aspect of your business will determine how your CPA reports your income.

I have setup QBs for probably 50 businesses in the past 12 years. With real estate, I've decided to use George Yeiter's customized QuickBooks setup. It's here at Customized Quickbooks for Real Estate

Scroll down to the bottom of the page. It's the very last item. I will say that this 'it is the most unique item for real estate investors and one the most important.

I am actually re-entering our data for 2000 using George's package. It's VERY easy and simple for the non-accountant.

Dealmaker

Manneke

"Re(2):QuickBooks 2001..." , Mon 5 Mar 20:11:

Matt,

If someone buys this do you still suggest they purchase the Loan Amortizer software advertised at the top of your web page? Is there anything that one can do that the other cannot?

Also, looks like I've got my first two deals done. One is under contract and the other seller just accepted my terms via telephone. I should have that one under contract in the next day or two.

I've advertised both and the demand is brisk so I will hopefully sell both within a few weeks. Wow, this R.E. stuff really might work in my neck of the woods after all...

[this message was edited by Manneke on Mon 5 Mar 20:11]

Dealmaker
Moderator

"Burning & step this way" , Mon 5 Mar 21:04

Your ears must have been burning. I was wondering how you were doing today..I almost called you.

Anyhow, Yeiter program is much more than the Chart of Accounts. That's only the bonus. It gives you step-by-step instructions on entering the data based on your classification as a Dealer or Landlord. The manual is the BEST I've seen in assisting an investor on entering the data correctly. It gives you all type of situations of transactions that you'll need to know.

The LoanAmortizer is great at tracking your loans, tracking escrows, taking additional principal payments, coupons, etc..

Both are separate and perform different functions.
Dealmaker

Terry (Houston)

"Re(3):QuickBooks 2001..." , Mon 5 Mar 20:24

Congrats on the deals! You go man.

The loan amotorizer is great to give coupons and know exactly where your loan stands. You can play what if and keep track of your loans.

Quickbooks does not do this. The categories that Yeiter put together makes life a lot easier as Dealmaker says. I am no expert but it made it easier for me.

...There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul...

Ella Wheeler Wilcox

Terry (Houston)

Wayne (MD)

"Re(1):QuickBooks 2001..." , Mon 5 Mar 06:31

I just bought QuickBooks myself, so I'll add to your request: I need a sample chart of accounts to use in QuickBooks, especially for rehabbing and L/Os.

Regarding your request, you might try the local library's computer section. You most likely will find something there to help you out.

Wayne (MD)

Dealmaker
Moderator

"Rehab / Lease-Options" , Mon 5 Mar 09:01

Wayne,
To understand you correctly are you rehabbing then lease/optioning the property?? Or are you rehab/retail and then Lease/Purchasing the subletting??

If you're buying using both methods, you'll need to report them all together differently and I would recommend you use two different business entities and NOT report them together.

The Yeiter programs has two different Chart of Accounts MORE imporotantly they are reported differently which is also covered.

Dealmaker

Wayne (MD)

"Re(1):Rehab / Lease-Options" , Mon 5 Mar 12:48

Sorry . . . I didn't mean to be obtuse in my description. What I meant was that I would be rehabbing structures in addition to doing lease option deals ala my Bronchick course. I also will be doing any other type of deal I can come up with.

In the meantime, you and the course description to which you referred, cleared up much in my mind. The module is not cheap . . . unless one attempts to set up the same charts of accounts, etc., from a position of ignorance, so I will order it, just as soon as I've turned my first profit! I think any extra money would be better spent right now on other educational materials.

Thanks very much for the input.

Wayne (MD)