Real Estate Accounting

[Lawrence Robinson]

Can someone please tell me if my assumption is correct or totally wrong? When flipping a property, I am using QuickBooks and I created an Other Current Assets account to track everything associated with a given property. Should I also create a corresponding Other Current Liabilities account to track the short term mortgage? In my mind, it seems logical to create two accounts but something tells me I could be dead wrong. Finally, if I do need to create an Other Current Liabilities account, do you suggest using a class to link the two accounts per property? Thanks in advance.