Quickbooks reports by class for flipping

[Cooper B.]

I hate to ask another question about Quickbooks on the forums but after reading numerous threads I haven't been able to get an answer for my situation.

I recently had someone from my CPA's office help me to set up Quickbooks (my version is QB for Mac 2014).  I have been dutifully entering in all of my transactions as I was taught, but I haven't been able to figure out how to see basic information regarding the current status of each project.  I mainly just want to know how much I have currently spent on the rehab, holding costs, etc of any specific flip.

Basically all of the costs for a flip project are going into the inventory account, which has a bunch of sub-accounts.  The way I understood her reasoning was that when the properties are sold they will be moved over to COGS.  Here is what the Inventory account looks like:

• Inventory (Other Current Asset)

            -Purchase Costs

                     -Purchase Price

                     -Closing Costs, etc

             -Holding Costs

                      -Utilities, etc

            -Rehab Costs

                      -Labor, Materials, etc

I have created classes for each project and have been assigning each transaction to the proper class.  

Is there a way for me to see all of the current costs associated with each class?  It seems that I can't get a report showing a balance sheet by class (unless I have an enterprise version of QB).  Do I need to have all of the costs except for the purchase price be in an expense account (rather than the current Other Current Asset accounts) in order to get any useful reports? Or, could I more easily accomplish this by using the Customer:Jobs feature?  There are a lot more reports available by job than there are by class.

[Gita Faust]

Originally posted by @Cooper B.:

I hate to ask another question about Quickbooks on the forums but after reading numerous threads I haven't been able to get an answer for my situation.

I recently had someone from my CPA's office help me to set up Quickbooks (my version is QB for Mac 2014).  I have been dutifully entering in all of my transactions as I was taught, but I haven't been able to figure out how to see basic information regarding the current status of each project.  I mainly just want to know how much I have currently spent on the rehab, holding costs, etc of any specific flip.

Basically all of the costs for a flip project are going into the inventory account, which has a bunch of sub-accounts.  The way I understood her reasoning was that when the properties are sold they will be moved over to COGS.  Here is what the Inventory account looks like:

• Inventory (Other Current Asset)

            -Purchase Costs

                     -Purchase Price

                     -Closing Costs, etc

             -Holding Costs

                      -Utilities, etc

            -Rehab Costs

                      -Labor, Materials, etc

I have created classes for each project and have been assigning each transaction to the proper class.  

Is there a way for me to see all of the current costs associated with each class?  It seems that I can't get a report showing a balance sheet by class (unless I have an enterprise version of QB).  Do I need to have all of the costs except for the purchase price be in an expense account (rather than the current Other Current Asset accounts) in order to get any useful reports? Or, could I more easily accomplish this by using the Customer:Jobs feature?  There are a lot more reports available by job than there are by class.

 Cooper - Everyone has a different way to use QuickBooks - just as everyone has a unique way to make a flip deal. Customize your report - here are quick steps:

-- Run a Balance Sheet Report

-- Click on Customize or Modify report

-- Filter by Class and select your property

-- Run the report and Memorize for future use

I would try checking out the report Balance Sheet by Class (only available in Premier, Accountant and Enterprise versions) Go back to your CPA and ask them.