quickbooks p&l and balance sheet reports

[George Rodriguez]

I currently have quickbooks premier and just started using it for my real estate flips. I previously was using excel sheets and plan to transfer to quickbooks. i would like to have the purchase price of the home also on the p&l report and the rehab expenses ( material, labor costs, utilitiy payments, paid property taxes ) on the balance sheet. I'm aware of using classes to identify the property. What account from the chart of accounts is the way to classify purchase price and rehab expenses to get the the data on both the p&l and balance sheet? 

[Gita Faust]

Rule of thumb for accounting, bookkeeping, reporting ..

• Loans are Liability (Balance Sheet)
• Purchase of property (Balance Sheet) - watch out for expenses that can be deducted for rental properties ( that is why you need to speak to an accountant)
• Sale of property (Profit & Loss)
  
  • Transfer all money from Balance Sheet to Profit & Loss
  • Follow the HUD to double check the balances and make adjustments
• Money Spend:
  • Flip
    • Rehab (Balance Sheet)
• Rental
  • Maintain properties (Profit & Loss)
  • Capital Improvements (Balance Sheet)

Of course there are more steps - this are very basic. As to using QuickBooks - always use Classes for all your properties. Review your cash flow by property as well.