All Forum Posts by: Harry Williams
Harry Williams has started 36 posts and replied 129 times.
Post: Who does the work on your flips?
- Atlanta, GA
- Posts 130
- Votes 29
Hire a referred General Contractor to manage the project and sub-contractors.
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
Got it. Already on that train. Thanks @Account Closed
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @Account Closed:
Originally posted by @Harry Williams:
Originally posted by @Joe Splitrock:
@Harry Williams we track in Excel and document an expense or income by type the day it is incurred. That just keeps everything current.
This is currently my same system.
I did this for the first year but as you grow this quickly becomes unmanageable, not to mention your accountant will not like this. Its very difficult to track expenses just from receipts, its much cleaner and easier to track expenses STARTING with your bank account. Open a separate bank account for all your property expenses and income and do not mix business with personal expenses in this account. If you make a business purchase on your personal Credit card, make sure you PAY for it out of the business account. If you collect rent, make sure it gets deposited into the business bank account (it can be a personal account, just for your purposes you label this the business only account). Reconcile the bank account daily or weekly and your books will always be up to date.
I currently have a business account for this property, completely separate from my personal account, which has checks, a debit, and a credit card tied to it. If you have 10 properties going would you have 10 accounts with separate checks, debit, and credit cards tied to it? Seems overwhelming at that point.
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @Joe Splitrock:
@Harry Williams we track in Excel and document an expense or income by type the day it is incurred. That just keeps everything current.
This is currently my same system.
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @Shawn Clark:
Originally posted by @Harry Williams:
Do record expenses and organize receipts as they come in, at the end of the week or month? Currently, I am doing them in excel as they come in but this proves to eat up a lot of time, sporadically throughout the day.
I'm another Quickbooks user. Love it. Used it for my construction company. It's awesome. I update it weekly.
Mac or pc? Desktop version or web version?
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
@Rachel N. what a pain :(
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @John Woodrich:
Looks like if you choose QB Online for Mac you have to use the PLUS to get class tracking. I personally hate QBO and the monthy payment. QuickBooks desktop version has better reporting and is quicker IMO.
Someone above said QB desktop for Mac is awful. hmm
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
can anyone explain to me which version of quickbooks I should omwith? There seem to be many to choose from. I’m a Mac user, have a CPA, no bookkeeper. Currently, one property. Plan to do 2-3 more in next 12 months. @Account Closed or anyone else who can answer.
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
@Cathie Kovacs thanks for your reply. Currently, it is one LLC with one property underneath it (more to come hopefully). Would upgrading from the self-employed version be easy once I had more projects going? Being young and "tech savvy" I feel as though I could set it up myself without the assistance of a bookkeeper, but maybe not?
Post: How often do you reconcile and record expenses?
- Atlanta, GA
- Posts 130
- Votes 29
@Nina Casey I do this more often than once a week, with my software being excel.
@J Scott I do have a CPA who will do my taxes, and all they need are a list of my transaction by type. What does quickbooks cost per year anyway?