Flipping - Quickbooks - Opening entry and getting it on the books

[David Bray]

Hello,

Just starting with my first flip.....FINALLY! 

I have set up J Scott's chart of accounts and will use asset class to track each property's income/expenses. I am not quite sure how to book the initial asset. I want to capture all closing costs on the purchase from the settlement statement. I am thinking I need to set up the loan as a liability first. Then,  at least one journal entry to do this. After the purchase, everything gets entered through the bank register which is no problem. 

Thanks in advance for your input!