House Flipping Chart of Accounts

[Account Closed]

Hi all,

I'm trying to get my accounting system set up for my house flipping business.

I set up a free trial of quickbooks, but I've recently made the decision to switch over to waveapp.com

I was wondering if anyone would share their chart of accounts for house flipping.

I've constructed a one by hand, but I want to make sure I'm not missing anything obvious/ recording transactions improperly.

Thanks,
Patrick

[Sam Erickson]

I have used both Quickbooks and Wave as well as Propertyware. For me Quickbooks is superior. I started with QB then switched to Propertyware. Popertyware's Property management system is nice but the accounting was terrible. I then switched to Wave (because it was free) It worked OK and the UI was nice but could tell it was a free platform. It lacked in accounting services and being able to do more advanced entries.

I then switched back to QB and paid for the pro version, it does cost money but I feel it is far superior. The "class' function is what sells me, especially when dealing with different properties. When I was using Wave (may have changed since then) there was no way to separate out income and expenses on the P&L for different properties. All the manual calculation that resulted from this was a deal breaker for me.