Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply presented by

User Stats

70
Posts
36
Votes
Christopher Derr
  • Investor
  • Garner, IA
36
Votes |
70
Posts

Help setting up my books

Christopher Derr
  • Investor
  • Garner, IA
Posted
I am really struggling with keeping books... or really setting them up as a DIY rehab and hold investor. When I buy multiple things on a reciept I don't know how to entet different amounts into what category. example: Buy paint, a tool, and all the supplies to put on a roof on the same reciept. I assume all the material for the roof goes together but in what category? How do I separate it for depreciation? or do I not and if not, how to I put it into my books as part of the cost of the house and rehab to get it rent ready? does it depreciate out at a different rate than the house? Does anyone use a good book keeper on line that I could pay to set it up and occasionally use? I definitely want to understand it but I also am going to get overwhelmed working on multiple properties at the same time DIY and trying to do the books.
  • Christopher Derr
  • Most Popular Reply

    User Stats

    1,800
    Posts
    1,389
    Votes
    John Woodrich
    • Flipper/Rehabber
    • Minneapolis, MN
    1,389
    Votes |
    1,800
    Posts
    John Woodrich
    • Flipper/Rehabber
    • Minneapolis, MN
    Replied

    You have a lot of relevant questions and there is not quick answer to them without making a checklist of responses.  Unless you want to spend the time researching the questions you have I would definitely hire out your accounting and tax work.  On some level you need someone to data enter but on the other you need someone who is knowledgeable about construction to help you make the allocations between capital repairs and expenses.  If you are networking in your area I would look for a referral.  It would likely be a hassle scanning all of your receipts and records to an online service, if you can find one.

  • John Woodrich
  • Loading replies...