Accounting question for flips- WIP account

[Amber C.]

New to accounting for FLIPS. 

Right now I have all expenses (utilities, material, labor, interest loan payments, insurance) posting to the WIP account. 

Should I be posting construction loan draws to the WIP account as a journal entry as well? 

Currently, they are posting to the loan liability account only: From the loan account > draw bank account as a transfer in QBO.

TIA!

[Kristen Ambrose]

Agree with Simon and Charles. One thing to consider, if there's a draw fee, that will be booked to the WIP account. 

You can also have multiple WIP accounts for flips if that helps with your tracking. For example:

Flips - Purchase Price

Flips - Acquisition Costs

Flips - Rehab Costs

Flips - Holding Costs

Flips - Selling Costs