Need Quickbooks Help

[Account Closed]

Hello BP World.

I currently have a Bachelors degree and a MBA so I understand basic accounting ( although sometimes I have to google a few things as I am a little rusty lol) but I need some help on Quickbooks.

At this point in time I have only Wholesaled properties through Assignments and one double close. I've set up the Title Companies that I use as Customers and have had each Wholesale Deal listed as a Job with the property address listed as the Job Name.

Example:

Customer Name: Big Country Title Company

Job Name: 123 Main St-Abilene, TX 79603

Listed Within the Job

Invoice to Big Country Title for Assignment Fee

Payment from Big Country TItle for Assignment Fee

Any additional Item expenses such as closing costs, expense for lockboxs, photographer, etc. are also added

Run the P&L to find out total profit for the deal.

I've actually been thinking about changing this to the Assignments as the Customer and then each property as a job versus having the title company be the customer.

As you know for Job Costing you have to set up every "item" for it to go toward the job in order to run a P&L which is not a big deal for Wholesale deals as there are not that many line items to add.

I'm now about to take down my first property to actually keep and flip which will entail a lot more line items such as buying and selling costs, rehab costs, holding costs, etc and all the individual charges for each of those. I would have to go into Quickbooks and create a Item and classification for each charge.

I've read up a bit that a lot of you are using the Class option for Quickbooks and I wonder if I should switch over to that or just keep with the Customer-Job system I have been using. I dont really understand the Class system very well either. If I switch over to the Class system I would want to go back and recode all the Wholesale Deals I've already done as well (about 31) to be using one system across the board.

Which is easier to use in the long run? How come?

Anyway any and all help is appreciated.

[Account Closed]

@Dan V. that makes a lot of sense and thank you so much for your help and explanations