Quickbooks Pro Setup

[Jackie P.]

OK gurus. I have searched the forums, but haven't found answers I feel comfortable with.

On the recommendation of my CPA, I have decided to go from Quicken to Quickbooks for my real estate activity. She is willing to help me, but I want to have some knowledge so I am not paying her to teach me. I'd like to be able to have an informed discussion. I'd like a quick and dirty overview setup for handling the following, both inside and outside of a self-directed IRA. Or a link to appropriate tutorials.

Rental property, rent-to-own properties, rehabs and flips, owner financing. In particular, chart of accounts, setting up classes, start-up expenses, etc. Not so much the little details, but the big things that you wished you knew before you set yours up.

Thanks in advance,
Jackie

[Mark Yuschak]

If you're accountant is recommending QB, he/she will likely be able to set it up for you the way that he/she wants to see the output. Setting up the chart of accounts, asset types, vendors, etc. can be done TONS of different ways and not all accountants will view each component the same. For that reason, have the accountant set it up for you. While he/she is doing it, shadow him/her and learn how to input test data. The lesson on how to use the software shouldn't take more than an hour once it's been setup to the accountant's liking.

I would just spend the extra time with the accountant or else you'll likely input something wrong and have to pay him/her to fix it anyway.