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.
hi @Patrick M. Can you tell me why You decided to switch from quick books? I have used QB in previous business and liked the it worked. I do want to make sure we use the BEST accounting system for REI. Thanks so much. Tom
Like QB too, use it for all three of my businesses.
@Tom Keith Waveapps is free (although it does provide a cheap monthly subscription for additional services) and the interface is more intuitive in my opinion.
It gives you more bang for your buck, but honestly, if you've been using qb you should just stick with it.
@Patrick M. Thanks so much. I have not had to run my newbie properties through QB yet but I do enjoy the new online version. I will just have to have a separate account for the family business. Take Care. Tom
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.
@Sam Erickson That's a good point. I don't think there's a way to separate income and expenses from different properties.
That isn't particularly troublesome for me right now since I'm flipping properties one at a time, but will present a problem once I start to acquire a portfolio of buy & hold investments.
Thanks for the reply.
I'm fairly new at long term rentals however I plan to have a separate LLC for each of my long term properties and as such, I will keep all accounting completely separate. I won't separate properties within one company file. If I am rehabbing properties however, I run all of them through my main company and separate with Quickbook's classes feature. You can pull P&L and separate by classes.
Admittedly setting up individual LLC's for each long-term property can create lots of work and money for accounting and state filings. (I'm fortunate that I live in a state that allows for the formation of series LLC's which makes business filings and taxes for multiple LLC's much easier.)
I use Quickbooks for my construction business and love it. It has it's quirks but I've used others and they all do.
Best of luck!
Just did a quick search and this is helpful: http://support.quickbooks.intuit.com/support/pages...
I'm a Flipping newbie also and would like to set up QB. I see the response above but not an answer. can anyone share their Chart of Accounts for me as a flipping investor. I do want to see each property P&L along with our LLC summary.
Patrick M. Buy J Scott's book, it has full charts. Loads if info about flipping as well.
I bought J Scott's book, however Scott won't respond to my request for providing Chart of Accounts.
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