Accounting for Multiple Flips
I have multiple flips going, all under one LLC taxed as an S-Corp, and have the accounting structured as follows:
- One Quickbooks file and one bank account for each property. I could use one file and one bank account for all properties using QB classes but I think it's too easy to misclassify transactions. And one QB file for LLC related expenses like meals and entertainment, licensing, workers comp, etc.
- I write checks for each property from its respective checking account for things like property taxes, HOA dues, utilities, etc.
- For rehab materials I use the debit card you get with each bank account for each respective property. I would however like to use one credit card for everything so I can get the points which can amount to a lot, but fear that would complicate accounting.
What do you think? How do you do it? Is there a more efficient way?