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QuickBooks Tips Blog

QuickBooks Pointers For Utah Real Estate Investors

Posted by Joe Mazur on Nov 28, 2012 7:13:00 AM

If you flip houses, rehab them, or purchase them for long term rentals, then you know the real estate business is full of highs and lows.  The best way to be prepared for the swings is to have an accurate financial reporting system.  Not all Utah Real Estate Investors have a bookkeeping system that is set up for the long haul.  Getting your Chart of Accounts set up in QuickBooks is the initial step to getting your system optimized working in your favor.  Sometimes this initial step is ignored and the bookkeeping system unravels quickly.  Investors may focus on the purchase price and sale price of the property and ignore the small dollar amount transactions such as rehab costs, utilities, financing charges, and HUD costs.  Since your business lives and dies by the profit of each property, it would make sense to track each transaction to the penny.

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Topics: QuickBooks Tips, Accounting Services, Bookkeeping Processes, Real Estate Bookkeeping, outsourcing bookkeeping, outsourcing bookkeeping