QuickBooks Landlords Selling Flipping Houses

In this learn QuickBooks landlord real estate management training lesson, you will learn how to record selling the houses or buildings that you had purchased and upgraded with property improvements. When you flip houses or flip property this way, they you must add to your chart of accounts “gain on the sale of property” and “loss on the sale of property” and these will be “other income” and “other expense” type of accounts. Then, you make a journal entry on the day of sale that removes the fixed asset property as well as removing the fixed asset that recorded upgrade renovations. In that journal entry, we record receiving the money and the overall difference between the cash, property asset and renovations, is either the gain or loss on the sale of the property.
This QuickBooks YouTube Playlist will prove to all students studying and learning QuickBooks, that QuickBooks desktop and QuickBooks online are better for doing bookkeeping for rental properties and property management companies than any other software; including software that is specific to real estate rentals and properties managed by property management companies. This play list, combined with the playlists listed below, will soon have a video for every possible transaction type that a landlord could encounter when using QuickBooks to keep financial records of tenant’s deposits, tenant’s rent payments and rent invoices as well as real estate financial statement accuracy.
The playlist to set up this file is here:👇

Learn QuickBooks set up landlord file from the beginning https://www.youtube.com/watch?v=tjzBTMkvawE&list=PLqRhgBZfJuE7XJbvfNFO7XSxcKUWOfeSl

The advanced QuickBooks for landlord’s playlist will have a new video every Friday starting in March of 2020.

The main playlist with the main ideas of how landlord or rental property manager or owner would use QuickBooks.

You can purchase the whole course and own these videos forever if you go to quickbooksforlandlords.net. The QuickBooks online and QuickBooks Macintosh versions of the course are also available there.

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Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website.

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