Quickbooks for Real Estate - Classes vs. Locations
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- čas přidán 13. 10. 2023
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You should not be using Locations to track property-specific transactions! Instead, use Classes or Customers. I show you why in this video!
Check out my End-to-End Quickbooks Training. www.incomedigs.com/reab ($50 off w/ code CZcams50)
Nick my friend. I've followed you for years and thoroughly appreciate the time taken to have the forethought of knowing how data attribution should be arranged and properly aggregated. This is not an easy task by any means. Your presentation is other worldly as well. Thanks again for the time put in and your willingness to share. Blessings.
THANK YOU SO MUCH! I really appreciate your feedback and your viewership. Please let me know if there is any specific topic you would like me to cover!
I have several property developments going on can't wait to set up locations and classes! so done with spreadsheets!
Yes! Get it! Definitely checkout REAB if you need extra help! bit.ly/3xaBohM
Nice! Your vids are updated now.
Thank you!!
YES! MANY MORE TO COME!
Thanks for making this video. I am a bookkeeper who niches down for real estate investors and I have my own properties.
Excellent! Thanks so much for watching! Definitely check out the course! www.incomedigs.com/reab
Thank you a lot Nick, how do you print invoices or sales receipts for each businesses ?
Hey! QBO Recently added the ability to use "different sales forms" for separate locations. Within the "All Lists" section...when you add/ edit a Location, you will be prompted with this option. I suggest creating the custom sales forms first...that way they are available to you to choose from when you edit Locations.
Thanks Nick for this video. In my case, I have a property management LLC who manages several properties (that are each owned by different LLCs). In this case, would you still use "classes" for the different properties, even though each property is an LLC?
I also have a different side business that I'd like to use the "business / location" feature for (under the same QBO account), so keeping "classes" to the various property LLCs would make things easier.
Hi! Yes...I still think class/ customer is best....mostly b/c you can split transactions between multiple properties.
THANK YOU SO MUCH
You're so welcome! If you enjoyed this video...definitely check out our end to end training! www.incomedigs.com/reab
Can you track multiple real estate properties (schedule E) along with some small schedule C businesses using just one Quickbooks account?
Absolutely! Check out this video: czcams.com/video/u8ml1QxvOF0/video.html
We discuss this strategy in great detail (with support) in our end to end course: www.incomedigs.com/reab
Hello, I have QuickBooks Online Plus and I have unfortunately used Location to track 5 properties versus Class. How might I convert to Class to track this five separate entities? I use class presently to list a Airbnb within one of these properties. I have five separate checking accounts for each property so I don't need the class aspect for line item categorization, but my balance sheet is not accurate with using the locations. I have accurate p&L's so no problem there. How to Manage Multiple Businesses within one Subscription has been viewed.
Hi there...thanks for watching. As I mention in the video, I really don't like using Class for entity-specific tracking. For me, Location is the only option. I think the best route wold be to try to establish a balance sheet as of 12/31/2023 and to use a "reconciling journal entry" to "shift" or move to Class = Property and Location = Business Entity.
We dive into this in great detail in our course and the accompanying community. We discuss specific student situations/ questions and dive deep into solutions. I definitely recommend checking it out. www.incomedigs.com/reab
I am using location for restricted fund and class for department
Excellent! Every business is different...definitely possible to deviate from what I share here.
Hello. Are classes limited to 40 in plus? Do you use advanced?
Hi! Thanks for watching. Yes, Classes are limited to 40 in QBO Plus. If you needed to go beyond the 40, you would need to use Customer or upgrade to QBO Advanced.